Investment Risks - Quantified Gold Futures Tracking Fund
|
May 01, 2026 |
| Class A Shares |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The
Fund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value and performance.
The
following risks apply to the Fund through its direct investments as well as indirectly through investments in ETFs, mutual funds, ETNs,
and the Subsidiary.
| ● | Gold
Risk: The price of Gold may be volatile and Gold bullion-related ETFs, ETNs and derivatives
may be highly sensitive to the price of Gold. The price of Gold bullion can be significantly
affected by international monetary and political developments such as currency devaluation
or revaluation, central bank movements, economic and social conditions within a country,
transactional or trade imbalances, or trade or currency restrictions between countries. Physical
Gold bullion has sales commission, storage, insurance, and auditing expenses. |
| ● | Banking
Sector Risk: The banking sector can be adversely affected by legislation, regulation,
competition and by declines in general economic conditions, increased borrower defaults,
and changes in interest rates. |
| ● | Concentration
Risk: Because the Fund will invest more than 25% of its assets in the Gold bullion industry,
the Fund will be subject to greater volatility risk than a Fund that is not concentrated
in a single industry. |
| ● | Derivatives
Risk: Futures and forwards are subject to inherent leverage that magnifies Fund losses.
These derivatives may not provide an effective substitute for Gold bullion because changes
in derivative prices may not track those of the underlying Gold bullion. Also, over the counter
forwards are subject to counterparty default risk. |
| ○ | Futures
Contracts Risk. There may be an imperfect correlation between the changes in the market value
of the securities held by the Fund and the prices of futures contracts. There may not be
a liquid secondary market for the futures contracts. If the Fund uses futures as hedging
instrument at the wrong time or judges the market conditions incorrectly, the hedge might
be unsuccessful, reduce the Fund’s investment return, or create a loss. |
Currency
Futures Risk: Foreign currency contracts subject the Fund to currency trading risks that include market risk and country risk. Market
risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its
currency. Debt
Futures Risk: Typically, a rise in interest rates causes a decline in the value of debt futures. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the debt futures held by the Fund. Equity
Futures Risk: Equity futures are subject to general market risks and may not track the equity indices for which they are intended to
serve as substitutes. Energy
Futures Risk: Energy prices may be adversely affected by fluctuating commodity prices, weather, increased conservation or use of alternative
fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production,
accidents or catastrophic events, and economic conditions. Metals
Futures Risk: Precious and industrial metals prices may be susceptible to financial, economic, political or market events, as well as
government regulation, impacting the production costs of these metals. Precious metal prices may become volatile when they serve as a
substitute for currencies. Agriculture
Commodity Futures Risk: Investing in the commodities markets through futures may subject the Fund to greater volatility than investments
in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental
factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.
| ● | ETF,
Mutual Fund, ETN, and Pooled Investment Vehicle Risk: ETFs, mutual funds, ETNs, and pooled
investment vehicles are subject to investment advisory or management and other expenses,
which will be indirectly paid by the Fund. Certain pooled investment vehicles may have performance
fees that increase their expenses. Each is subject to specific risks, depending on its investment
strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are
subject to default risks. ETFs and ETNs may not provide an effective substitute for Gold
bullion because changes in derivative prices held by these instruments may not track those
of the underlying Gold bullion. |
| ● | Fixed
Income Risk: The value of bonds and other fixed income securities will fluctuate with
changes in interest rates. Typically, a rise in interest rates causes a decline in the value
of fixed income securities. Current conditions may result in a rise in interest rates, which
in turn may result in a decline in the value of the fixed income investments held by the
Fund. As a result, for the present, interest rate risk may be heightened. Issuers may also
default. |
| ● | Management
Risk: The Sub-Adviser’s judgments about the attractiveness, value and potential
appreciation or depreciation of a particular instrument in which the Fund invests may prove
to be inaccurate and may not produce the desired results. The Adviser’s assessment
of the Sub-Adviser’s investment qualifications may also prove to be inaccurate and
may not produce the desired results. |
| ● | Market
Risk: The Fund’s investments will decline in value if the price of Gold declines.
Overall securities market risks may affect the value of individual Fund holdings. Factors
such as foreign and domestic economic growth and market conditions, interest rate levels,
and political events may adversely affect the equity and fixed income securities markets. |
Overall
investment market risks affect the value of the Fund. Factors such as economic growth and market conditions, interest rate levels, and
political events affect the US and international investment markets. Additionally, unexpected local, regional or global events, such
as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious
illnesses or other public health issues (such as the global pandemic coronavirus disease 2019 (COVID-19)); and recessions and depressions
could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear,
which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen.
| ● | Taxation
Risk: By investing in Gold bullion indirectly through the Subsidiary, the Fund will obtain
exposure to the Gold bullion and other markets within the federal tax requirements that apply
to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income
received from its investments will be passed through to the Fund as ordinary income, which
may be taxed at less favorable rates than capital gains. |
| ● | Turnover
Risk: A higher portfolio turnover may result in higher transactional and brokerage costs.
The Sub-Adviser’s use of the Fund as an asset allocation tool for its other clients
will increase the Fund’s portfolio turnover. The Fund’s turnover rate is expected
to be above 100% annually. |
| ● | Wholly
Owned Subsidiary Risk: Changes in the laws of the United States and/or the Cayman Islands,
under which the Fund and the Subsidiary, respectively, are organized, could result in the
inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could
negatively affect the Fund and its shareholders. Your cost of investing in the Fund will
be higher because you indirectly bear the expenses of the Subsidiary. The Subsidiary is not
registered under the Investment Company Act of 1940 (“1940 Act”), as amended,
and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections
of the 1940 Act, such as limits on leverage when viewed in isolation from the Fund. |
Is
the Fund Right for You? The
Fund is intended for investors who want returns that seek to reflect the performance of the price of Gold bullion without the burdens
of personally acquiring and holding Gold bullion.
|
| Class A Shares | Gold Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Gold
Risk: The price of Gold may be volatile and Gold bullion-related ETFs, ETNs and derivatives
may be highly sensitive to the price of Gold. The price of Gold bullion can be significantly
affected by international monetary and political developments such as currency devaluation
or revaluation, central bank movements, economic and social conditions within a country,
transactional or trade imbalances, or trade or currency restrictions between countries. Physical
Gold bullion has sales commission, storage, insurance, and auditing expenses. |
|
| Class A Shares | Banking Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Banking
Sector Risk: The banking sector can be adversely affected by legislation, regulation,
competition and by declines in general economic conditions, increased borrower defaults,
and changes in interest rates. |
|
| Class A Shares | Concentration Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Concentration
Risk: Because the Fund will invest more than 25% of its assets in the Gold bullion industry,
the Fund will be subject to greater volatility risk than a Fund that is not concentrated
in a single industry. |
|
| Class A Shares | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk: Futures and forwards are subject to inherent leverage that magnifies Fund losses.
These derivatives may not provide an effective substitute for Gold bullion because changes
in derivative prices may not track those of the underlying Gold bullion. Also, over the counter
forwards are subject to counterparty default risk. |
| ○ | Futures
Contracts Risk. There may be an imperfect correlation between the changes in the market value
of the securities held by the Fund and the prices of futures contracts. There may not be
a liquid secondary market for the futures contracts. If the Fund uses futures as hedging
instrument at the wrong time or judges the market conditions incorrectly, the hedge might
be unsuccessful, reduce the Fund’s investment return, or create a loss. |
Currency
Futures Risk: Foreign currency contracts subject the Fund to currency trading risks that include market risk and country risk. Market
risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its
currency. Debt
Futures Risk: Typically, a rise in interest rates causes a decline in the value of debt futures. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the debt futures held by the Fund. Equity
Futures Risk: Equity futures are subject to general market risks and may not track the equity indices for which they are intended to
serve as substitutes. Energy
Futures Risk: Energy prices may be adversely affected by fluctuating commodity prices, weather, increased conservation or use of alternative
fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production,
accidents or catastrophic events, and economic conditions. Metals
Futures Risk: Precious and industrial metals prices may be susceptible to financial, economic, political or market events, as well as
government regulation, impacting the production costs of these metals. Precious metal prices may become volatile when they serve as a
substitute for currencies. Agriculture
Commodity Futures Risk: Investing in the commodities markets through futures may subject the Fund to greater volatility than investments
in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental
factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. |
| Class A Shares | Futures Contracts Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Futures
Contracts Risk. There may be an imperfect correlation between the changes in the market value
of the securities held by the Fund and the prices of futures contracts. There may not be
a liquid secondary market for the futures contracts. If the Fund uses futures as hedging
instrument at the wrong time or judges the market conditions incorrectly, the hedge might
be unsuccessful, reduce the Fund’s investment return, or create a loss. |
Currency
Futures Risk: Foreign currency contracts subject the Fund to currency trading risks that include market risk and country risk. Market
risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its
currency. Debt
Futures Risk: Typically, a rise in interest rates causes a decline in the value of debt futures. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the debt futures held by the Fund. Equity
Futures Risk: Equity futures are subject to general market risks and may not track the equity indices for which they are intended to
serve as substitutes. Energy
Futures Risk: Energy prices may be adversely affected by fluctuating commodity prices, weather, increased conservation or use of alternative
fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production,
accidents or catastrophic events, and economic conditions. Metals
Futures Risk: Precious and industrial metals prices may be susceptible to financial, economic, political or market events, as well as
government regulation, impacting the production costs of these metals. Precious metal prices may become volatile when they serve as a
substitute for currencies. Agriculture
Commodity Futures Risk: Investing in the commodities markets through futures may subject the Fund to greater volatility than investments
in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental
factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. |
| Class A Shares | Currency Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
Currency
Futures Risk: Foreign currency contracts subject the Fund to currency trading risks that include market risk and country risk. Market
risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its
currency.
|
| Class A Shares | Debt Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
Debt
Futures Risk: Typically, a rise in interest rates causes a decline in the value of debt futures. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the debt futures held by the Fund.
|
| Class A Shares | Equity Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
Equity
Futures Risk: Equity futures are subject to general market risks and may not track the equity indices for which they are intended to
serve as substitutes.
|
| Class A Shares | Energy Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
Energy
Futures Risk: Energy prices may be adversely affected by fluctuating commodity prices, weather, increased conservation or use of alternative
fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production,
accidents or catastrophic events, and economic conditions.
|
| Class A Shares | Metals Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
Metals
Futures Risk: Precious and industrial metals prices may be susceptible to financial, economic, political or market events, as well as
government regulation, impacting the production costs of these metals. Precious metal prices may become volatile when they serve as a
substitute for currencies.
|
| Class A Shares | Agriculture Commodity Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
Agriculture
Commodity Futures Risk: Investing in the commodities markets through futures may subject the Fund to greater volatility than investments
in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental
factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.
|
| Class A Shares | E T F Mutual Fund E T N And Pooled Investment Vehicle Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF,
Mutual Fund, ETN, and Pooled Investment Vehicle Risk: ETFs, mutual funds, ETNs, and pooled
investment vehicles are subject to investment advisory or management and other expenses,
which will be indirectly paid by the Fund. Certain pooled investment vehicles may have performance
fees that increase their expenses. Each is subject to specific risks, depending on its investment
strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are
subject to default risks. ETFs and ETNs may not provide an effective substitute for Gold
bullion because changes in derivative prices held by these instruments may not track those
of the underlying Gold bullion. |
|
| Class A Shares | Fixed Income Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Risk: The value of bonds and other fixed income securities will fluctuate with
changes in interest rates. Typically, a rise in interest rates causes a decline in the value
of fixed income securities. Current conditions may result in a rise in interest rates, which
in turn may result in a decline in the value of the fixed income investments held by the
Fund. As a result, for the present, interest rate risk may be heightened. Issuers may also
default. |
|
| Class A Shares | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk: The Sub-Adviser’s judgments about the attractiveness, value and potential
appreciation or depreciation of a particular instrument in which the Fund invests may prove
to be inaccurate and may not produce the desired results. The Adviser’s assessment
of the Sub-Adviser’s investment qualifications may also prove to be inaccurate and
may not produce the desired results. |
|
| Class A Shares | Market Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Risk: The Fund’s investments will decline in value if the price of Gold declines.
Overall securities market risks may affect the value of individual Fund holdings. Factors
such as foreign and domestic economic growth and market conditions, interest rate levels,
and political events may adversely affect the equity and fixed income securities markets. |
Overall
investment market risks affect the value of the Fund. Factors such as economic growth and market conditions, interest rate levels, and
political events affect the US and international investment markets. Additionally, unexpected local, regional or global events, such
as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious
illnesses or other public health issues (such as the global pandemic coronavirus disease 2019 (COVID-19)); and recessions and depressions
could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear,
which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen. |
| Class A Shares | Taxation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Taxation
Risk: By investing in Gold bullion indirectly through the Subsidiary, the Fund will obtain
exposure to the Gold bullion and other markets within the federal tax requirements that apply
to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income
received from its investments will be passed through to the Fund as ordinary income, which
may be taxed at less favorable rates than capital gains. |
|
| Class A Shares | Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Turnover
Risk: A higher portfolio turnover may result in higher transactional and brokerage costs.
The Sub-Adviser’s use of the Fund as an asset allocation tool for its other clients
will increase the Fund’s portfolio turnover. The Fund’s turnover rate is expected
to be above 100% annually. |
|
| Class A Shares | Wholly Owned Subsidiary Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Wholly
Owned Subsidiary Risk: Changes in the laws of the United States and/or the Cayman Islands,
under which the Fund and the Subsidiary, respectively, are organized, could result in the
inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could
negatively affect the Fund and its shareholders. Your cost of investing in the Fund will
be higher because you indirectly bear the expenses of the Subsidiary. The Subsidiary is not
registered under the Investment Company Act of 1940 (“1940 Act”), as amended,
and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections
of the 1940 Act, such as limits on leverage when viewed in isolation from the Fund. |
|
| Investor And Advisor Class Shares |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The
Fund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value (“NAV”) and
performance.
The
following risks apply to the Fund through its direct investments as well as indirectly through investments in ETFs, mutual funds, ETNs,
and the Subsidiary.
| Ø | Gold
Risk: The price of Gold may be volatile and Gold bullion-related ETFs, ETNs and derivatives
may be highly sensitive to the price of Gold. The price of Gold bullion can be significantly
affected by international monetary and political developments such as currency devaluation
or revaluation, central bank movements, economic and social conditions within a country,
transactional or trade imbalances, or trade or currency restrictions between countries. Physical
Gold bullion has sales commission, storage, insurance, and auditing expenses. |
| Ø | Banking
Sector Risk: The banking sector can be adversely affected by legislation, regulation,
competition and by declines in general economic conditions, increased borrower defaults,
and changes in interest rates. |
| Ø | Concentration
Risk: Because the Fund will invest more than 25% of its assets in the Gold bullion industry,
the Fund will be subject to greater volatility risk than a Fund that is not concentrated
in a single industry. |
| Ø | Derivatives
Risk: Futures and forwards are subject to inherent leverage that magnifies Fund losses.
These derivatives may not provide an effective substitute for Gold bullion because changes
in derivative prices may not track those of the underlying Gold bullion. Also, over the counter
forwards are subject to counterparty default risk. |
| ○ | Futures
Contracts Risk. There may be an imperfect correlation between the changes in the market value
of the securities held by the Fund and the prices of futures contracts. There may not be
a liquid secondary market for the futures contracts. If the Fund uses futures as hedging
instrument at the wrong time or judges the market conditions incorrectly, the hedge might
be unsuccessful, reduce the Fund’s investment return, or create a loss. |
| Ø | Currency
Futures Risk: Foreign currency contracts subject the Fund to currency trading risks that
include market risk and country risk. Market risk results from adverse changes in exchange
rates. Country risk arises because a government may interfere with transactions in its currency. |
| Ø | Debt
Futures Risk: Typically, a rise in interest rates causes a decline in the value of debt futures.
Current conditions may result in a rise in interest rates, which in turn may result in a
decline in the value of the debt futures held by the Fund. |
| Ø | Equity
Futures Risk: Equity futures are subject to general market risks and may not track the equity
indices for which they are intended to serve as substitutes. |
| Ø | Energy
Futures Risk: Energy prices may be adversely affected by fluctuating commodity prices, weather,
increased conservation or use of alternative fuel sources, increased governmental or environmental
regulation, depletion, rising interest rates, declines in domestic or foreign production,
accidents or catastrophic events, and economic conditions. |
| Ø | Metals
Futures Risk: Precious and industrial metals prices may be susceptible to financial, economic,
political or market events, as well as government regulation, impacting the production costs
of these metals. Precious metal prices may become volatile when they serve as a substitute
for currencies. |
| Ø | Agriculture
Commodity Futures Risk: Investing in the commodities markets through futures may subject
the Fund to greater volatility than investments in traditional securities. Commodity prices
may be influenced by unfavorable weather, animal and plant disease, geologic and environmental
factors as well as changes in government regulation such as tariffs, embargoes or burdensome
production rules and restrictions. |
| Ø | ETF,
Mutual Fund, ETN, and Pooled Investment Vehicle Risk: ETFs, mutual funds, ETNs, and pooled
investment vehicles are subject to investment advisory or management and other expenses,
which will be indirectly paid by the Fund. Certain pooled investment vehicles may have performance
fees that increase their expenses. Each is subject to specific risks, depending on its investment
strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are
subject to default risks. ETFs and ETNs may not provide an effective substitute for Gold
bullion because changes in derivative prices held by these instruments may not track those
of the underlying Gold bullion. |
| Ø | Fixed
Income Risk: The value of bonds and other fixed income securities will fluctuate with
changes in interest rates. Typically, a rise in interest rates causes a decline in the value
of fixed income securities. Current conditions may result in a rise in interest rates, which
in turn may result in a decline in the value of the fixed income investments held by the
Fund. As a result, for the present, interest rate risk may be heightened. Issuers may also
default. |
| Ø | Management
Risk: The Sub-Adviser’s judgments about the attractiveness, value and potential
appreciation or depreciation of a particular instrument in which the Fund invests may prove
to be inaccurate and may not produce the desired results. The Adviser’s assessment
of the Sub-Adviser’s investment qualifications may also prove to be inaccurate and
may not produce the desired results. |
| Ø | Market
Risk: The Fund’s investments will decline in value if the price of Gold declines.
Overall securities market risks may affect the value of individual Fund holdings. Factors
such as foreign and domestic economic growth and market conditions, interest rate levels,
and political events may adversely affect the equity and fixed income securities markets. |
| Ø | Overall
investment market risks affect the value of the Fund. Factors such as economic growth and
market conditions, interest rate levels, and political events affect the US and international
investment markets. Additionally, unexpected local, regional or global events, such as war;
acts of terrorism; financial, political or social disruptions; natural, environmental or
man-made disasters; the spread of infectious illnesses or other public health issues (such
as the global pandemic coronavirus disease 2019 (COVID-19)); and recessions and depressions
could have a significant impact on the Fund and its investments and may impair market liquidity.
Such events can cause investor fear, which can adversely affect the economies of nations,
regions and the market in general, in ways that cannot necessarily be foreseen. |
| Ø | Taxation
Risk: By investing in Gold bullion indirectly through the Subsidiary, the Fund will obtain
exposure to the Gold bullion and other markets within the federal tax requirements that apply
to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income
received from its investments will be passed through to the Fund as ordinary income, which
may be taxed at less favorable rates than capital gains. |
| Ø | Turnover
Risk: A higher portfolio turnover may result in higher transactional and brokerage costs.
The Sub-Adviser’s use of the Fund as an asset allocation tool for its other clients
will increase the Fund’s portfolio turnover. The Fund’s turnover rate is expected
to be above 100% annually. |
| Ø | Wholly
Owned Subsidiary Risk: Changes in the laws of the United States and/or the Cayman Islands,
under which the Fund and the Subsidiary, respectively, are organized, could result in the
inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could
negatively affect the Fund and its shareholders. Your cost of investing in the Fund will
be higher because you indirectly bear the expenses of the Subsidiary. The Subsidiary is not
registered under the Investment Company Act of 1940 (“1940 Act”), as amended,
and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections
of the 1940 Act, such as limits on leverage when viewed in isolation from the Fund. |
Is
the Fund Right for You? The
Fund is intended for investors who want returns that seek to reflect the performance of the price of Gold bullion without the burdens
of personally acquiring and holding Gold bullion.
|
| Investor And Advisor Class Shares | Gold Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Gold
Risk: The price of Gold may be volatile and Gold bullion-related ETFs, ETNs and derivatives
may be highly sensitive to the price of Gold. The price of Gold bullion can be significantly
affected by international monetary and political developments such as currency devaluation
or revaluation, central bank movements, economic and social conditions within a country,
transactional or trade imbalances, or trade or currency restrictions between countries. Physical
Gold bullion has sales commission, storage, insurance, and auditing expenses. |
|
| Investor And Advisor Class Shares | Banking Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Banking
Sector Risk: The banking sector can be adversely affected by legislation, regulation,
competition and by declines in general economic conditions, increased borrower defaults,
and changes in interest rates. |
|
| Investor And Advisor Class Shares | Concentration Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Concentration
Risk: Because the Fund will invest more than 25% of its assets in the Gold bullion industry,
the Fund will be subject to greater volatility risk than a Fund that is not concentrated
in a single industry. |
|
| Investor And Advisor Class Shares | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Derivatives
Risk: Futures and forwards are subject to inherent leverage that magnifies Fund losses.
These derivatives may not provide an effective substitute for Gold bullion because changes
in derivative prices may not track those of the underlying Gold bullion. Also, over the counter
forwards are subject to counterparty default risk. |
| ○ | Futures
Contracts Risk. There may be an imperfect correlation between the changes in the market value
of the securities held by the Fund and the prices of futures contracts. There may not be
a liquid secondary market for the futures contracts. If the Fund uses futures as hedging
instrument at the wrong time or judges the market conditions incorrectly, the hedge might
be unsuccessful, reduce the Fund’s investment return, or create a loss. |
| Ø | Currency
Futures Risk: Foreign currency contracts subject the Fund to currency trading risks that
include market risk and country risk. Market risk results from adverse changes in exchange
rates. Country risk arises because a government may interfere with transactions in its currency. |
| Ø | Debt
Futures Risk: Typically, a rise in interest rates causes a decline in the value of debt futures.
Current conditions may result in a rise in interest rates, which in turn may result in a
decline in the value of the debt futures held by the Fund. |
| Ø | Equity
Futures Risk: Equity futures are subject to general market risks and may not track the equity
indices for which they are intended to serve as substitutes. |
| Ø | Energy
Futures Risk: Energy prices may be adversely affected by fluctuating commodity prices, weather,
increased conservation or use of alternative fuel sources, increased governmental or environmental
regulation, depletion, rising interest rates, declines in domestic or foreign production,
accidents or catastrophic events, and economic conditions. |
| Ø | Metals
Futures Risk: Precious and industrial metals prices may be susceptible to financial, economic,
political or market events, as well as government regulation, impacting the production costs
of these metals. Precious metal prices may become volatile when they serve as a substitute
for currencies. |
| Ø | Agriculture
Commodity Futures Risk: Investing in the commodities markets through futures may subject
the Fund to greater volatility than investments in traditional securities. Commodity prices
may be influenced by unfavorable weather, animal and plant disease, geologic and environmental
factors as well as changes in government regulation such as tariffs, embargoes or burdensome
production rules and restrictions. |
|
| Investor And Advisor Class Shares | Futures Contracts Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Futures
Contracts Risk. There may be an imperfect correlation between the changes in the market value
of the securities held by the Fund and the prices of futures contracts. There may not be
a liquid secondary market for the futures contracts. If the Fund uses futures as hedging
instrument at the wrong time or judges the market conditions incorrectly, the hedge might
be unsuccessful, reduce the Fund’s investment return, or create a loss. |
| Ø | Currency
Futures Risk: Foreign currency contracts subject the Fund to currency trading risks that
include market risk and country risk. Market risk results from adverse changes in exchange
rates. Country risk arises because a government may interfere with transactions in its currency. |
| Ø | Debt
Futures Risk: Typically, a rise in interest rates causes a decline in the value of debt futures.
Current conditions may result in a rise in interest rates, which in turn may result in a
decline in the value of the debt futures held by the Fund. |
| Ø | Equity
Futures Risk: Equity futures are subject to general market risks and may not track the equity
indices for which they are intended to serve as substitutes. |
| Ø | Energy
Futures Risk: Energy prices may be adversely affected by fluctuating commodity prices, weather,
increased conservation or use of alternative fuel sources, increased governmental or environmental
regulation, depletion, rising interest rates, declines in domestic or foreign production,
accidents or catastrophic events, and economic conditions. |
| Ø | Metals
Futures Risk: Precious and industrial metals prices may be susceptible to financial, economic,
political or market events, as well as government regulation, impacting the production costs
of these metals. Precious metal prices may become volatile when they serve as a substitute
for currencies. |
| Ø | Agriculture
Commodity Futures Risk: Investing in the commodities markets through futures may subject
the Fund to greater volatility than investments in traditional securities. Commodity prices
may be influenced by unfavorable weather, animal and plant disease, geologic and environmental
factors as well as changes in government regulation such as tariffs, embargoes or burdensome
production rules and restrictions. |
|
| Investor And Advisor Class Shares | Currency Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Currency
Futures Risk: Foreign currency contracts subject the Fund to currency trading risks that
include market risk and country risk. Market risk results from adverse changes in exchange
rates. Country risk arises because a government may interfere with transactions in its currency. |
|
| Investor And Advisor Class Shares | Debt Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Debt
Futures Risk: Typically, a rise in interest rates causes a decline in the value of debt futures.
Current conditions may result in a rise in interest rates, which in turn may result in a
decline in the value of the debt futures held by the Fund. |
|
| Investor And Advisor Class Shares | Equity Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Equity
Futures Risk: Equity futures are subject to general market risks and may not track the equity
indices for which they are intended to serve as substitutes. |
|
| Investor And Advisor Class Shares | Energy Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Energy
Futures Risk: Energy prices may be adversely affected by fluctuating commodity prices, weather,
increased conservation or use of alternative fuel sources, increased governmental or environmental
regulation, depletion, rising interest rates, declines in domestic or foreign production,
accidents or catastrophic events, and economic conditions. |
|
| Investor And Advisor Class Shares | Metals Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Metals
Futures Risk: Precious and industrial metals prices may be susceptible to financial, economic,
political or market events, as well as government regulation, impacting the production costs
of these metals. Precious metal prices may become volatile when they serve as a substitute
for currencies. |
|
| Investor And Advisor Class Shares | Agriculture Commodity Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Agriculture
Commodity Futures Risk: Investing in the commodities markets through futures may subject
the Fund to greater volatility than investments in traditional securities. Commodity prices
may be influenced by unfavorable weather, animal and plant disease, geologic and environmental
factors as well as changes in government regulation such as tariffs, embargoes or burdensome
production rules and restrictions. |
|
| Investor And Advisor Class Shares | E T F Mutual Fund E T N And Pooled Investment Vehicle Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | ETF,
Mutual Fund, ETN, and Pooled Investment Vehicle Risk: ETFs, mutual funds, ETNs, and pooled
investment vehicles are subject to investment advisory or management and other expenses,
which will be indirectly paid by the Fund. Certain pooled investment vehicles may have performance
fees that increase their expenses. Each is subject to specific risks, depending on its investment
strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are
subject to default risks. ETFs and ETNs may not provide an effective substitute for Gold
bullion because changes in derivative prices held by these instruments may not track those
of the underlying Gold bullion. |
|
| Investor And Advisor Class Shares | Fixed Income Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Fixed
Income Risk: The value of bonds and other fixed income securities will fluctuate with
changes in interest rates. Typically, a rise in interest rates causes a decline in the value
of fixed income securities. Current conditions may result in a rise in interest rates, which
in turn may result in a decline in the value of the fixed income investments held by the
Fund. As a result, for the present, interest rate risk may be heightened. Issuers may also
default. |
|
| Investor And Advisor Class Shares | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Management
Risk: The Sub-Adviser’s judgments about the attractiveness, value and potential
appreciation or depreciation of a particular instrument in which the Fund invests may prove
to be inaccurate and may not produce the desired results. The Adviser’s assessment
of the Sub-Adviser’s investment qualifications may also prove to be inaccurate and
may not produce the desired results. |
|
| Investor And Advisor Class Shares | Market Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Market
Risk: The Fund’s investments will decline in value if the price of Gold declines.
Overall securities market risks may affect the value of individual Fund holdings. Factors
such as foreign and domestic economic growth and market conditions, interest rate levels,
and political events may adversely affect the equity and fixed income securities markets. |
|
| Investor And Advisor Class Shares | Taxation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Taxation
Risk: By investing in Gold bullion indirectly through the Subsidiary, the Fund will obtain
exposure to the Gold bullion and other markets within the federal tax requirements that apply
to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income
received from its investments will be passed through to the Fund as ordinary income, which
may be taxed at less favorable rates than capital gains. |
|
| Investor And Advisor Class Shares | Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Turnover
Risk: A higher portfolio turnover may result in higher transactional and brokerage costs.
The Sub-Adviser’s use of the Fund as an asset allocation tool for its other clients
will increase the Fund’s portfolio turnover. The Fund’s turnover rate is expected
to be above 100% annually. |
|
| Investor And Advisor Class Shares | Wholly Owned Subsidiary Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Wholly
Owned Subsidiary Risk: Changes in the laws of the United States and/or the Cayman Islands,
under which the Fund and the Subsidiary, respectively, are organized, could result in the
inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could
negatively affect the Fund and its shareholders. Your cost of investing in the Fund will
be higher because you indirectly bear the expenses of the Subsidiary. The Subsidiary is not
registered under the Investment Company Act of 1940 (“1940 Act”), as amended,
and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections
of the 1940 Act, such as limits on leverage when viewed in isolation from the Fund. |
|
| Investor And Advisor Class Shares | Overall Investment Market Risks Affect The Value Of The Fund [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| Ø | Overall
investment market risks affect the value of the Fund. Factors such as economic growth and
market conditions, interest rate levels, and political events affect the US and international
investment markets. Additionally, unexpected local, regional or global events, such as war;
acts of terrorism; financial, political or social disruptions; natural, environmental or
man-made disasters; the spread of infectious illnesses or other public health issues (such
as the global pandemic coronavirus disease 2019 (COVID-19)); and recessions and depressions
could have a significant impact on the Fund and its investments and may impair market liquidity.
Such events can cause investor fear, which can adversely affect the economies of nations,
regions and the market in general, in ways that cannot necessarily be foreseen. |
|