As filed with the Securities and Exchange Commission on October 30, 2018
Registration File No. 333-167778 | |
Registration File No. 811-22431 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
(Check appropriate box or boxes)
[X] | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
[ ] | Pre-Effective Amendment No. ___ |
[X] | Post-Effective Amendment No. 27 |
and
[X] | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
[X] | Amendment No. 29 |
RiverPark Funds Trust
(Exact Name of Registrant as Specified in Charter)
156 West 56th Street, 17th Floor
New York, NY 10019
(Address of Principal Executive Offices – Number, Street, City, State, Zip Code)
(212) 484-2100
(Registrant’s Telephone Number, including Area Code)
Morty Schaja
156 West 56th Street, 17th Floor
New York, NY 10019
(Name and Address – Number, Street, City, State, Zip Code – of Agent for Service)
Copies of all communications to:
Thomas R. Westle
Blank Rome LLP
405 Lexington Avenue
New York, New York 10174
Approximate Date of Proposed Public Offering: As soon as practicable following the effective date.
It is proposed that this filing will become effective (check appropriate box)
[X] | immediately upon filing pursuant to paragraph (b) |
[ ] | on ____________ pursuant to paragraph (b) |
[ ] | 60 days after filing pursuant to paragraph (a)(1) |
[ ] | on ____________ pursuant to paragraph (a)(1) |
[ ] | 75 days after filing pursuant to paragraph (a)(2) |
[ ] | on ____________ pursuant to paragraph (a)(2) of rule 485. |
If appropriate, check the following box
[ ] | this post-effective amendment designates a new effective date for a previously filed post-effective amendment |
EXPLANATORY NOTE
This Post-Effective Amendment No. 27 to the Trust’s Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 26 filed October 10, 2018 and incorporates Parts A, B and C from said amendment.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it had duly caused this Registration Statement to be signed below on its behalf by the undersigned, thereunto duly authorized, in the City of New York and State of New York on the 30th day of October, 2018.
RIVERPARK FUNDS TRUST | ||
/s/ Morty Schaja | ||
Morty Schaja, Principal Executive Officer |
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
/s/ Morty Schaja | Trustee | October 30, 2018 | |
Morty Schaja | |||
/s/ Stephen Connors | Treasurer and Chief Financial | October 30, 2018 | |
Stephen Connors
|
Officer | ||
* | Trustee | October 30, 2018 | |
Ira Balsam |
* | Trustee | October 30, 2018 | |
Richard Browne
|
|||
* | Trustee | October 30, 2018 | |
Mitch Rubin
|
|||
* | Trustee | October 30, 2018 | |
David Sachs |
* | By Morty Schaja, Attorney-In-Fact under Powers of Attorney |
/s/ Morty Schaja | |
Morty Schaja |
Document and Entity Information |
Total |
---|---|
Document And Entity Information | |
Document Type | 485BPOS |
Document Period End Date | Oct. 10, 2018 |
Registrant Name | RIVERPARK FUNDS TRUST |
Central Index Key | 0001494928 |
Amendment Flag | false |
Document Creation Date | Oct. 10, 2018 |
Document Effective Date | Oct. 20, 2018 |
Prospectus Date | Oct. 20, 2018 |
RiverPark Floating Rate CMBS Fund | ||||||||||||||||||||||||||||||||||||
<p style="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>RiverPark Floating Rate CMBS Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.4in"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt">Retail Class Shares</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt">Institutional Class Shares</p> | ||||||||||||||||||||||||||||||||||||
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p> | ||||||||||||||||||||||||||||||||||||
The RiverPark Floating Rate CMBS Fund (the "Fund") seeks to generate current income and capital appreciation consistent with the preservation of capital. | ||||||||||||||||||||||||||||||||||||
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund</b></p> | ||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | ||||||||||||||||||||||||||||||||||||
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Shareholder Fees </b>(fees paid directly from your investment)</p> | ||||||||||||||||||||||||||||||||||||
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Portfolio Operating Expenses </b>(expenses that you pay each year as a percentage of the value of your investment)</p> | ||||||||||||||||||||||||||||||||||||
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example</b></p> | ||||||||||||||||||||||||||||||||||||
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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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover</b></p> | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> | ||||||||||||||||||||||||||||||||||||
The Fund seeks to generate current income and capital appreciation consistent with the preservation of capital by investing in commercial mortgage backed securities ("CMBS"), predominately in the United States. CMBS are debt instruments that are secured, directly or indirectly, by commercial real estate ("CRE") assets and include bank loans secured by CRE assets ("Bank Loans"), certificated CRE mezzanine loans ("Mezzanine Loans") and CRE collateralized debt and loan obligations ("CLOs").
Under normal circumstances, the Fund may invest up to 100% of its assets in fixed income securities of which no less than 80% of its net assets (plus the amount of any borrowings for investment purposes) will be invested in floating rate CMBS. Floating rate CMBS will typically have coupons that reset monthly to the London Inter-Bank Offered Rate ("LIBOR"). There is no limitation on the maturity of fixed income securities in which the Fund invests.
The Fund will primarily make investments in assets that, at the time of purchase by the Fund, are current with respect to payments of interest and principal in accordance with their underlying documents (referred to herein as "performing") and which RiverPark Advisers, LLC (the "Adviser") believes, if held to maturity, have a limited risk of loss of principal. The CMBS acquired by the Fund will typically be protected by subordinate layers of debt and equity credit support. Typically, the investments will have an exposure, including all debt that is senior and at the same level, of no greater than 65% of the underlying real estate value (a 65% loan-to-value ratio or "LTV"). For example, if the total of senior and same level debt is $65 million and the underlying real estate is valued at $100 million, then that security would have a 65% LTV.
The Fund seeks to generate its returns primarily from its investments' monthly cash distributions and secondarily through opportunistic trading. The CMBS investments will generally have between two and five years of remaining loan term (though individual securities may have maturities as long as ten years and as short as one year or less). All securities are currently expected to be U.S. dollar-denominated although they may be issued by a foreign corporation or entity or a U.S. affiliate of a foreign corporation or entity. The Fund may invest without limitation in securities and instruments of foreign issuers of CMBS where the properties underlying the securities are located in the United States or its territories, or the Fund may also invest in a limited amount (but no more than 10% of its net assets) of CMBS backed by properties located in foreign countries.
The Fund will invest across the debt capital structure from AAA to unrated, with a significant percentage (up to 100%) of investments expected to be below investment grade (commonly referred to as "junk bonds," which are considered speculative). However, the Adviser does not rely solely on rating agencies to determine the risk associated with an investment; instead, the Adviser's investment process is a fundamental based "bottom up" focus on CRE credit quality. The Adviser's investment process is comprised of three interrelated components: analysis of the underlying CRE properties, analysis of the security's legal structure and yield and ongoing portfolio management focused on trading and risk management.
The Fund intends to be primarily a "buy and hold" investor in CMBS , but will also use its trading skills to buy and sell investments opportunistically, either offensively (to capture additional perceived upside) or defensively (to protect against perceived credit erosion). The Fund's portfolio turnover rate is expected to be less than 50% per year.
While the Fund seeks to invest primarily in performing CMBS, it will opportunistically invest in distressed and/or sub-performing CMBS if such investments otherwise satisfy the Adviser's bottom-up investment approach described above.
If the Adviser is unable to find attractive investment opportunities, consistent with the Fund's investment objectives, the Fund's uninvested assets may be held in cash or similar investments, subject to the Fund's specific investment objective.
Industry Concentration Policy. The Fund intends to concentrate its investments in the commercial real estate industry, which will include CMBS and other securities that are secured by or otherwise have exposure to commercial real estate. This means that the Fund may invest more than 25% of its total assets in CMBS, which will cause the Fund to be more sensitive to adverse economic, business or political developments that affect the commercial real estate industry and CMBS than a fund that invests more broadly. | ||||||||||||||||||||||||||||||||||||
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> | ||||||||||||||||||||||||||||||||||||
The Fund is subject to a number of risks that may affect the value of its shares and cause you to lose money. The following is a summary of the principal risks of investing in the Fund. You should read the full discussion in this Prospectus under "Risk Factors" on page 13.
CMBS Liquidity Risk. Liquidity risk relates to the ability of the Fund to sell its investments in a timely manner at a price approximately equal to its value on the Fund's books. The Fund's investments in CMBS are primarily privately issued, restricted securities (see Privately Issued Securities Risk below). These securities do not trade on an exchange and the daily recorded trading volume for these investments is generally lower than for other fixed income securities. As a result, the Fund may be subject to greater exposure to liquidity risk than funds that invest in other fixed income securities.
The Adviser will monitor on a daily basis the liquidity of each of the Fund's investments. In making its liquidity determination, the Adviser will, among other things, weigh the following criteria:
Nevertheless, there can be no assurance that the Adviser's liquidity determinations will be accurate and there may be a limited market for the Fund's securities. In the event that the Fund desires to sell for investment reasons or is required to sell to meet redemption requests, the Fund may be forced to sell securities at reduced prices or under unfavorable conditions, which would reduce the value of the Fund.
CMBS Risk. The Fund will invest in CMBS. CMBS are not backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages. The value of the collateral securing CMBS may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. As a result, CMBS may not be fully collateralized and may decline significantly in value.
Commercial Real Estate Risk. The CMBS in which the Fund is expected to invest are subject to the risks of the underlying mortgage loans. Commercial mortgage loans are secured by commercial property and are subject to risks of delinquency and foreclosure, and risks of loss. In the event of any default under a mortgage, the Fund will bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the commercial mortgage loan.
Credit Risk. The Fund is subject to credit risk. Credit risk refers to the likelihood that an issuer will default in the payment of principal and/or interest on an instrument.
Market Contraction Risk. Stressed conditions in the markets for CMBS and mortgage-related assets as well as the broader financial markets have in the past resulted in a temporary but significant contraction in liquidity for CMBS. To the extent that the market for CMBS suffers such a contraction, securities that were previously considered liquid could become temporarily illiquid, and the Adviser may experience delays or difficulty in selling assets at the prices at which the Fund carries such assets, which may result in a loss to the Fund.
Privately Issued Securities Risk. The Fund intends to invest in privately-issued securities, including those that may be resold only in accordance with Rule 144A or Regulation S under the 1933 Act ("Restricted Securities"). Restricted Securities are not publicly traded and are subject to a variety of restrictions, which limit a purchaser's ability to acquire or resell such securities. Delay or difficulty in selling such securities may result in a loss to the Fund.
Risks of Investing in Fixed Income Securities. The Fund may invest up to 100% of its assets in fixed income securities. Fixed income securities are subject to credit risk and market risk, including interest rate risk.
Interest Rate Risk. The prices of securities in general and fixed-income securities in particular tend to be sensitive to interest rate fluctuations. Increases in interest rates can result in significant declines in the prices of fixed-income securities. Securities with floating interest rates generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. The negative impact on fixed income securities generally from rate increases, regardless of the cause, could be swift and significant, which could result in losses by the Fund, even if anticipated by the Adviser.
Below Investment Grade ("Junk Bond") Securities Risks. The Fund may invest up to 100% of its assets in fixed-income instruments that are or are deemed to be the equivalent in terms of quality to securities rated below investment grade by nationally recognized statistical rating organizations and accordingly involve great risk. Such securities, sometimes called junk bonds, are regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.
Mezzanine Loan Risk. The terms of a mezzanine loan may restrict transfer of the interests securing such loan (including an involuntary transfer upon foreclosure) or may require the consent of the senior lender or other members or partners of or equity holders in the related real estate company, or may otherwise prohibit a change of control of the related real estate company. These and other limitations on realization on the collateral securing a mezzanine loan or the practical limitations on the availability and effectiveness of such a remedy may affect the likelihood of repayment in the event of a default.
Risk of Investing in Bank Loans. The secondary market for bank loans is a private, unregulated inter-dealer or inter-bank resale market. Bank loans are usually rated below investment grade. The market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.
Collateralized Loan Obligation ("CLO") Risk. CLOs and other similarly structured securities are types of asset-backed securities. The cash flows from the CLO trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches may experience substantial losses due to defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CLO securities as a class. Normally, CLOs and other similarly structured securities are privately offered and sold, and thus are not registered under the securities laws.
Subordinated CMBS Risk. Subordinated classes of CMBS are generally entitled to receive repayment of principal only after all required principal payments have been made to more senior classes and also have subordinated rights as to receipt of interest distributions. Such subordinated classes are subject to a greater risk of non-payment than are senior classes.
Management Risk. Management risk means that the Adviser's security selections and other investment decisions might produce losses or cause the Fund to underperform when compared to other funds with similar investment goals.
Non-Diversified Portfolio Risk. The Fund is non-diversified which means that its portfolio will be invested in a relatively small number of securities. As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund's net asset value than it would if the Fund invested in a larger number of securities.
Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse occurrences affecting the Fund more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.
Illiquid Securities Risk. The Fund may invest in, but will invest no more than 15% of its net assets in, illiquid securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Adviser or at prices approximating the value at which the Fund is carrying such securities.
No FDIC Guarantee Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. | ||||||||||||||||||||||||||||||||||||
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Performance</b></p> | ||||||||||||||||||||||||||||||||||||
Because the Fund is newly formed and has not begun operations as of the date of this prospectus, performance information of the Fund is not yet available. Updated information on the Fund's performance, including its current net asset value per share can be obtained by visiting www.riverparkfunds.com. |
Label | Element | Value | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||
Document Type | dei_DocumentType | 485BPOS | |||||||||||||
Document Period End Date | dei_DocumentPeriodEndDate | Oct. 10, 2018 | |||||||||||||
Registrant Name | dei_EntityRegistrantName | RIVERPARK FUNDS TRUST | |||||||||||||
Central Index Key | dei_EntityCentralIndexKey | 0001494928 | |||||||||||||
Amendment Flag | dei_AmendmentFlag | false | |||||||||||||
Document Creation Date | dei_DocumentCreationDate | Oct. 10, 2018 | |||||||||||||
Document Effective Date | dei_DocumentEffectiveDate | Oct. 20, 2018 | |||||||||||||
Prospectus Date | rr_ProspectusDate | Oct. 20, 2018 | |||||||||||||
RiverPark Floating Rate CMBS Fund | |||||||||||||||
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | <p style="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>RiverPark Floating Rate CMBS Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify; text-indent: -0.4in"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt">Retail Class Shares</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt">Institutional Class Shares</p> | |||||||||||||
Objective [Heading] | rr_ObjectiveHeading | <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p> | |||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The RiverPark Floating Rate CMBS Fund (the "Fund") seeks to generate current income and capital appreciation consistent with the preservation of capital. |
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Expense [Heading] | rr_ExpenseHeading | <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund</b></p> | |||||||||||||
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 | <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Shareholder Fees </b>(fees paid directly from your investment)</p> | |||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Annual Portfolio Operating Expenses </b>(expenses that you pay each year as a percentage of the value of your investment)</p> | |||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Portfolio Turnover</b></p> | |||||||||||||
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. |
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Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | Other Expenses (which include administration, transfer agency and custodian fees) are based on current estimated asset levels for the Retail Class Shares and Institutional Class Shares. | |||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Example</b></p> | |||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Principal Investment Strategies</b></p> | |||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund seeks to generate current income and capital appreciation consistent with the preservation of capital by investing in commercial mortgage backed securities ("CMBS"), predominately in the United States. CMBS are debt instruments that are secured, directly or indirectly, by commercial real estate ("CRE") assets and include bank loans secured by CRE assets ("Bank Loans"), certificated CRE mezzanine loans ("Mezzanine Loans") and CRE collateralized debt and loan obligations ("CLOs").
Under normal circumstances, the Fund may invest up to 100% of its assets in fixed income securities of which no less than 80% of its net assets (plus the amount of any borrowings for investment purposes) will be invested in floating rate CMBS. Floating rate CMBS will typically have coupons that reset monthly to the London Inter-Bank Offered Rate ("LIBOR"). There is no limitation on the maturity of fixed income securities in which the Fund invests.
The Fund will primarily make investments in assets that, at the time of purchase by the Fund, are current with respect to payments of interest and principal in accordance with their underlying documents (referred to herein as "performing") and which RiverPark Advisers, LLC (the "Adviser") believes, if held to maturity, have a limited risk of loss of principal. The CMBS acquired by the Fund will typically be protected by subordinate layers of debt and equity credit support. Typically, the investments will have an exposure, including all debt that is senior and at the same level, of no greater than 65% of the underlying real estate value (a 65% loan-to-value ratio or "LTV"). For example, if the total of senior and same level debt is $65 million and the underlying real estate is valued at $100 million, then that security would have a 65% LTV.
The Fund seeks to generate its returns primarily from its investments' monthly cash distributions and secondarily through opportunistic trading. The CMBS investments will generally have between two and five years of remaining loan term (though individual securities may have maturities as long as ten years and as short as one year or less). All securities are currently expected to be U.S. dollar-denominated although they may be issued by a foreign corporation or entity or a U.S. affiliate of a foreign corporation or entity. The Fund may invest without limitation in securities and instruments of foreign issuers of CMBS where the properties underlying the securities are located in the United States or its territories, or the Fund may also invest in a limited amount (but no more than 10% of its net assets) of CMBS backed by properties located in foreign countries.
The Fund will invest across the debt capital structure from AAA to unrated, with a significant percentage (up to 100%) of investments expected to be below investment grade (commonly referred to as "junk bonds," which are considered speculative). However, the Adviser does not rely solely on rating agencies to determine the risk associated with an investment; instead, the Adviser's investment process is a fundamental based "bottom up" focus on CRE credit quality. The Adviser's investment process is comprised of three interrelated components: analysis of the underlying CRE properties, analysis of the security's legal structure and yield and ongoing portfolio management focused on trading and risk management.
The Fund intends to be primarily a "buy and hold" investor in CMBS , but will also use its trading skills to buy and sell investments opportunistically, either offensively (to capture additional perceived upside) or defensively (to protect against perceived credit erosion). The Fund's portfolio turnover rate is expected to be less than 50% per year.
While the Fund seeks to invest primarily in performing CMBS, it will opportunistically invest in distressed and/or sub-performing CMBS if such investments otherwise satisfy the Adviser's bottom-up investment approach described above.
If the Adviser is unable to find attractive investment opportunities, consistent with the Fund's investment objectives, the Fund's uninvested assets may be held in cash or similar investments, subject to the Fund's specific investment objective.
Industry Concentration Policy. The Fund intends to concentrate its investments in the commercial real estate industry, which will include CMBS and other securities that are secured by or otherwise have exposure to commercial real estate. This means that the Fund may invest more than 25% of its total assets in CMBS, which will cause the Fund to be more sensitive to adverse economic, business or political developments that affect the commercial real estate industry and CMBS than a fund that invests more broadly. |
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Risk [Heading] | rr_RiskHeading | <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Principal Risks</b></p> | |||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The Fund is subject to a number of risks that may affect the value of its shares and cause you to lose money. The following is a summary of the principal risks of investing in the Fund. You should read the full discussion in this Prospectus under "Risk Factors" on page 13.
CMBS Liquidity Risk. Liquidity risk relates to the ability of the Fund to sell its investments in a timely manner at a price approximately equal to its value on the Fund's books. The Fund's investments in CMBS are primarily privately issued, restricted securities (see Privately Issued Securities Risk below). These securities do not trade on an exchange and the daily recorded trading volume for these investments is generally lower than for other fixed income securities. As a result, the Fund may be subject to greater exposure to liquidity risk than funds that invest in other fixed income securities.
The Adviser will monitor on a daily basis the liquidity of each of the Fund's investments. In making its liquidity determination, the Adviser will, among other things, weigh the following criteria:
Nevertheless, there can be no assurance that the Adviser's liquidity determinations will be accurate and there may be a limited market for the Fund's securities. In the event that the Fund desires to sell for investment reasons or is required to sell to meet redemption requests, the Fund may be forced to sell securities at reduced prices or under unfavorable conditions, which would reduce the value of the Fund.
CMBS Risk. The Fund will invest in CMBS. CMBS are not backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages. The value of the collateral securing CMBS may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. As a result, CMBS may not be fully collateralized and may decline significantly in value.
Commercial Real Estate Risk. The CMBS in which the Fund is expected to invest are subject to the risks of the underlying mortgage loans. Commercial mortgage loans are secured by commercial property and are subject to risks of delinquency and foreclosure, and risks of loss. In the event of any default under a mortgage, the Fund will bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the commercial mortgage loan.
Credit Risk. The Fund is subject to credit risk. Credit risk refers to the likelihood that an issuer will default in the payment of principal and/or interest on an instrument.
Market Contraction Risk. Stressed conditions in the markets for CMBS and mortgage-related assets as well as the broader financial markets have in the past resulted in a temporary but significant contraction in liquidity for CMBS. To the extent that the market for CMBS suffers such a contraction, securities that were previously considered liquid could become temporarily illiquid, and the Adviser may experience delays or difficulty in selling assets at the prices at which the Fund carries such assets, which may result in a loss to the Fund.
Privately Issued Securities Risk. The Fund intends to invest in privately-issued securities, including those that may be resold only in accordance with Rule 144A or Regulation S under the 1933 Act ("Restricted Securities"). Restricted Securities are not publicly traded and are subject to a variety of restrictions, which limit a purchaser's ability to acquire or resell such securities. Delay or difficulty in selling such securities may result in a loss to the Fund.
Risks of Investing in Fixed Income Securities. The Fund may invest up to 100% of its assets in fixed income securities. Fixed income securities are subject to credit risk and market risk, including interest rate risk.
Interest Rate Risk. The prices of securities in general and fixed-income securities in particular tend to be sensitive to interest rate fluctuations. Increases in interest rates can result in significant declines in the prices of fixed-income securities. Securities with floating interest rates generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. The negative impact on fixed income securities generally from rate increases, regardless of the cause, could be swift and significant, which could result in losses by the Fund, even if anticipated by the Adviser.
Below Investment Grade ("Junk Bond") Securities Risks. The Fund may invest up to 100% of its assets in fixed-income instruments that are or are deemed to be the equivalent in terms of quality to securities rated below investment grade by nationally recognized statistical rating organizations and accordingly involve great risk. Such securities, sometimes called junk bonds, are regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal.
Mezzanine Loan Risk. The terms of a mezzanine loan may restrict transfer of the interests securing such loan (including an involuntary transfer upon foreclosure) or may require the consent of the senior lender or other members or partners of or equity holders in the related real estate company, or may otherwise prohibit a change of control of the related real estate company. These and other limitations on realization on the collateral securing a mezzanine loan or the practical limitations on the availability and effectiveness of such a remedy may affect the likelihood of repayment in the event of a default.
Risk of Investing in Bank Loans. The secondary market for bank loans is a private, unregulated inter-dealer or inter-bank resale market. Bank loans are usually rated below investment grade. The market for bank loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.
Collateralized Loan Obligation ("CLO") Risk. CLOs and other similarly structured securities are types of asset-backed securities. The cash flows from the CLO trust are split into two or more portions, called tranches, varying in risk and yield. CLO tranches may experience substantial losses due to defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CLO securities as a class. Normally, CLOs and other similarly structured securities are privately offered and sold, and thus are not registered under the securities laws.
Subordinated CMBS Risk. Subordinated classes of CMBS are generally entitled to receive repayment of principal only after all required principal payments have been made to more senior classes and also have subordinated rights as to receipt of interest distributions. Such subordinated classes are subject to a greater risk of non-payment than are senior classes.
Management Risk. Management risk means that the Adviser's security selections and other investment decisions might produce losses or cause the Fund to underperform when compared to other funds with similar investment goals.
Non-Diversified Portfolio Risk. The Fund is non-diversified which means that its portfolio will be invested in a relatively small number of securities. As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund's net asset value than it would if the Fund invested in a larger number of securities.
Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse occurrences affecting the Fund more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.
Illiquid Securities Risk. The Fund may invest in, but will invest no more than 15% of its net assets in, illiquid securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Adviser or at prices approximating the value at which the Fund is carrying such securities.
No FDIC Guarantee Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | The Fund is subject to a number of risks that may affect the value of its shares and cause you to lose money. | |||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The Fund is non-diversified which means that its portfolio will be invested in a relatively small number of securities. As a result, the appreciation or depreciation of any one security held by the Fund will have a greater impact on the Fund's net asset value than it would if the Fund invested in a larger number of securities. | |||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Performance</b></p> | |||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Because the Fund is newly formed and has not begun operations as of the date of this prospectus, performance information of the Fund is not yet available. Updated information on the Fund's performance, including its current net asset value per share can be obtained by visiting www.riverparkfunds.com. |
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Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | Because the Fund is newly formed and has not begun operations as of the date of this prospectus, performance information of the Fund is not yet available. | |||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.riverparkfunds.com | |||||||||||||
RiverPark Floating Rate CMBS Fund | Retail Class Shares | |||||||||||||||
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||
Maximum Deferred Sales Charge (Load) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | |||||||||||||
Redemption Fee | rr_RedemptionFee | none | |||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | |||||||||||||
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||
Shareholder Servicing Fees | riverpark_ShareholderServicingFees | 0.25% | [1] | ||||||||||||
Administrative Fees | riverpark_AdministrativeFees | 0.15% | [1] | ||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.22% | [2] | ||||||||||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.02%) | |||||||||||||
Total Annual Fund Operating Expenses | rr_NetExpensesOverAssets | 1.25% | |||||||||||||
One Year | rr_ExpenseExampleYear01 | $ 127 | |||||||||||||
Three Years | rr_ExpenseExampleYear03 | $ 397 | |||||||||||||
RiverPark Floating Rate CMBS Fund | Institutional Class Shares | |||||||||||||||
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice | none | |||||||||||||
Maximum Deferred Sales Charge (Load) | rr_MaximumDeferredSalesChargeOverOther | none | |||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther | none | |||||||||||||
Redemption Fee | rr_RedemptionFee | none | |||||||||||||
Management Fees | rr_ManagementFeesOverAssets | 0.65% | |||||||||||||
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||
Shareholder Servicing Fees | riverpark_ShareholderServicingFees | none | [1] | ||||||||||||
Administrative Fees | riverpark_AdministrativeFees | 0.15% | [1] | ||||||||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.22% | [2] | ||||||||||||
Fee Waiver and/or Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.02%) | |||||||||||||
Total Annual Fund Operating Expenses | rr_NetExpensesOverAssets | 1.00% | |||||||||||||
One Year | rr_ExpenseExampleYear01 | $ 102 | |||||||||||||
Three Years | rr_ExpenseExampleYear03 | $ 318 | |||||||||||||
|
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