RiverPark Advisors Comments on the Sale Of Grail Advisors

Earlier today Grail Advisors, the sponsor of the RP Large Cap Growth ETF, and the RP Growth ETF, two actively-managed Exchange-Trade Funds, announced plans to sell the company to Columbia Management Investment Advisers. As a result of the sale, RiverPark Advisors will no longer act as sub-advisor on the two ETFs.

Commenting on the transaction, Morty Schaja, CEO and Managing Partner with RiverPark Advisors, said:

“Grail has been a pioneer in developing and marketing actively managed ETFs, and we are pleased to have had the opportunity to work with the company in making these funds available to investors. RiverPark remains committed to the active ETF market. With that in mind, we filed for our own exemptive relief approximately one year ago and plan to return to the ETF space in the future.”

RiverPark Open-End Mutual Funds

Schaja noted that investors will be able to continue to invest with RiverPark and its sub-advisor partners through the RiverPark family of open-end mutual funds, two of which are managed in a style identical to that of the two Grail RiverPark ETFs. The RiverPark Large Growth Fund (tickers: RPXIX, institutional; RPXFX, retail), is managed identically to the RP Growth ETF (NYSE Arca: RPX), and seeks long-term capital appreciation by investing primarily in the equity securities of large capitalization companies. The RiverPark/ Wedgewood Fund (tickers: RWGIX, institutional; RWGFX, retail), is managed in style identical to the RP Focused Large Cap Growth ETF (NYSE Arca: RWG), and seeks long-term capital appreciation by investing in a focused portfolio of 20-30 large capitalization equities. The fund is sub-advised by the award-winning Wedgewood Partners, Inc. with approximately $1 billion in assets under management.

The other members of the RiverPark mutual fund family are:

• RiverPark Small Cap Growth Fund (tickers: RPSZX, institutional; RPSFX, retail), which seeks long‐term capital appreciation by investing primarily in the securities of small capitalization companies and is managed internally by the team that left Baron Funds to found RiverPark;
• RiverPark/Gravity Long-Biased Fund (tickers: RGLZX, institutional; RGLBX, retail), managed by Adam Seessel, a former analyst for the Baron Funds and a portfolio manager at the Davis Funds. Gravity seeks to combine a patient value discipline with thoughtful management of market exposure, an approach that historically has been available only to investors within the alternative investment universe; and,
• RiverPark Short Term High Yield Fund (ticker: RPHIX, institutional; RPHYX, retail, sub-advised by Cohanzick Management, headed by David Sherman. The fund focuses on short-term high-yield securities with effective maturities of three years or less for which Cohanzick believes credit ratings do not accurately reflect a company's ability to meet their short-term credit obligations.

The RiverPark funds are available on most mutual fund platforms, including Schwab and Fidelity.

About RiverPark Advisors LLC

RiverPark Advisors, LLC is a New York-based investment advisory company. The firm offers its advisory services in mutual funds and separate accounts. For more information, go to: www.riverparkfunds.com

To determine if these Funds are an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and other information may be found in the Fund’s prospectus, which may be obtained by calling 1-888-564-4517 or by visiting the website at www.riverparkfunds.com.Please read the prospectus carefully before investing.

Mutual fund investing involves risk including possible loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Investments in smaller companies typically exhibit higher volatility.

The RiverPark/Gravity Long-Biased Fund may use leverage.If the securities decrease in value, the Fund will suffer a greater loss than would have resulted without the use of leverage. With short sales, there is a risk paying more for a security than received from its sale and may be subject to greater risks than investments in long positions.

Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of their investments.

There can be no assurance that the Funds will achieve their stated objectives.

The RiverPark funds are distributed by SEI Investments Distribution Co., which is not affiliated with Wedgewood Partners, Inc., Cohanzick Management, LLC, Gravity Capital Management LLC or RiverPark Advisors or their affiliates.