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Label Element Value
Gotham Enhanced Return Fund  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading Gotham Enhanced Return Fund
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

FUNDVANTAGE TRUST

 

Gotham Absolute Return Fund

Gotham Enhanced Return Fund

Gotham Neutral Fund

(each a "Fund" and collectively, the "Funds")

 

Supplement dated July 17, 2020 to the Funds' Prospectus dated February 1, 2020, as amended or supplemented from time to time (the "Prospectus")

  

The information in this supplement updates and amends certain information contained in the Prospectus and should be read in conjunction with such document.

 

The supplement updates the Prospectus to reflect the following changes to be effective on July 20, 2020:

 

●The fees and expenses of each of the Gotham Absolute Return Fund, the Gotham Enhanced Return Fund and the Gotham Neutral Fund have been updated to reflect that each Fund's investment advisory fee has been reduced from 2.00% to 1.50% and the Adviser has agreed to reduce the expense limitation from 2.15% to 1.50%. In addition, under the revised investment advisory fee and expense limitation the Adviser will not be able to recoup advisory fees waived or expenses reimbursed as the investment advisory fee and expense limitation are both 1.50%.

 

Accordingly, the Prospectus has been amended as follows:

 

2.On page 8 of the Prospectus, the sections "Expenses and Fees" and "Expense Example" of the Fund Summary for the Gotham Enhanced Return Fund are deleted in their entirety and replaced with the following:

 

Expenses and Fees

 

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):  

 

  

Institutional

Class

 
Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)   1.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):     
Management Fees1   1.50%
Distribution and/or Service (Rule 12b-1) Fees   None 
Other Expenses1   0.15%

Total Annual Fund Operating Expenses1,2

   1.65%
Fee Waivers and/or Expense Reimbursements2   (0.15)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements2   1.50%

 

1Effective July 20, 2020, the Fund's investment advisory fee was reduced from 2.00% to 1.50% and the Fund's expense limitation was reduced from 2.15% to 1.50%. Effective August 28, 2019, the Fund's principal investment strategy was revised to reflect that the Fund will obtain long and short exposure through the use of one or more swaps (a "swap") and the Fund eliminated the investment of cash collateral from securities lending and associated expenses. Accordingly, "Annual Fund Operating Expenses" have been restated to reflect current fees as if these changes were in effect during the entire fiscal year ended September 30, 2019. "Other Expenses" does not include direct or indirect costs associated with the swap(s). Costs associated with swaps include any fees paid to the swap counterparty and the costs associated with the underlying reference assets including dividend and interest expenses on securities sold short. Such costs have the effect of reducing the return of the swap(s). The Fund's performance is net of all such embedded swap fees and expenses.

 

2Gotham Asset Management, LLC ("Gotham" or the "Adviser") has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund's total operating expenses (exclusive of taxes, "Acquired Fund Fees and Expenses", dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the "Expense Limitation"). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the "Trust") approves its earlier termination.

 

Expense 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's Institutional Class shares 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:

 

   1 Year   3 Years   5 Years   10 Years 
Institutional Class  $153   $506   $883   $1,942 
Expense [Heading] rr_ExpenseHeading Expenses and Fees
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):
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):
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2022
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent  Accordingly, "Annual Fund Operating Expenses" have been restated to reflect current fees as if these changes were in effect during the entire fiscal year ended September 30, 2019. 
Expense Example [Heading] rr_ExpenseExampleHeading Expense 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's Institutional Class shares 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:
Supplement Closing [Text Block] ck0001388485_SupplementClosingTextBlock

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
Gotham Enhanced Return Fund | Institutional Class  
Prospectus [Line Items] rr_ProspectusLineItems  
Redemption Fee (as a percentage of amount redeemed within 30 days of purchase) rr_RedemptionFeeOverRedemption 1.00%
Management Fees rr_ManagementFeesOverAssets 1.50% [1]
Distribution and/or Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.15% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.65% [1],[2]
Fee Waivers and/or Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.15%) [2]
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements rr_NetExpensesOverAssets 1.50% [2]
1 Year rr_ExpenseExampleYear01 $ 153
3 Years rr_ExpenseExampleYear03 506
5 Years rr_ExpenseExampleYear05 883
10 Years rr_ExpenseExampleYear10 $ 1,942
[1] Effective July 20, 2020, the Fund's investment advisory fee was reduced from 2.00% to 1.50% and the Fund's expense limitation was reduced from 2.15% to 1.50%. Effective August 28, 2019, the Fund's principal investment strategy was revised to reflect that the Fund will obtain long and short exposure through the use of one or more swaps (a "swap") and the Fund eliminated the investment of cash collateral from securities lending and associated expenses. Accordingly, "Annual Fund Operating Expenses" have been restated to reflect current fees as if these changes were in effect during the entire fiscal year ended September 30, 2019. "Other Expenses" does not include direct or indirect costs associated with the swap(s). Costs associated with swaps include any fees paid to the swap counterparty and the costs associated with the underlying reference assets including dividend and interest expenses on securities sold short. Such costs have the effect of reducing the return of the swap(s). The Fund's performance is net of all such embedded swap fees and expenses.
[2] Gotham Asset Management, LLC ("Gotham" or the "Adviser") has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund's total operating expenses (exclusive of taxes, "Acquired Fund Fees and Expenses", dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the "Expense Limitation"). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the "Trust") approves its earlier termination.