RPHIX Fees and Costs — Riverpark Short Term High Yield Fund, Institutional Class
Data updated: 2026-08-27
The net expense ratio is 0.96%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $10K in broker commissions, 0.0013% of average net assets, and portfolio turnover was 438%.
RPHIX Fees and Expenses
Annual operating expenses and sales charges of RPHIX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.21% |
| Gross expense ratio | 0.96% |
| Fee waiver | — |
| Net expense ratio | 0.96% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
RPHIX Costs Over Time
On $10,000 invested in RPHIX, assuming 5% a year before costs, total costs come to $602 over 5 years, cutting the return by 1.01% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.96%) | $101 | $315 | $546 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $0 | $16 | $55 |
| Total costs | $101 | $331 | $602 |
| Value after costs | $10,399 | $11,246 | $12,161 |
| Impact on return, per year | 1.01% | 1.01% | 1.01% |
RPHIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0013%
- Total broker commissions: $10K
- Bought from dealers (principal trades, not a cost): $5.6B
- Portfolio turnover (prospectus): 438%
- Securities lending: none during the year
RPHIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Mizuho Securities | $6K | 65.23% |
| Cowen | $2K | 20.70% |
| Oscar Gruss & Son Inc. | $1K | 14.07% |
RPHIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN, SACHS & CO. | $977.8M | 26.67% |
| BAML | $911.1M | 24.85% |
| J P MORGAN CHASE BANK | $397.9M | 10.85% |
| WELLS FARGO | $333.7M | 9.10% |
| CITIGROUP | $210.9M | 5.75% |
| STIFEL NICOLAUS & CO., INC. | $199.6M | 5.44% |
| US BANCORP INVESTMENTS INC. | $177.7M | 4.85% |
| RBC CAPITAL | $168.2M | 4.59% |
| BARCLAY BANK PLC | $153.0M | 4.17% |
| MORGAN STANLEY & CO, INC | $136.9M | 3.73% |
Riverpark Short Term High Yield Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RPHIX | Institutional Class | 0.96% | — |
| RPHYX | Retail Class | 1.24% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.