Another filing as of 8/24/21:
https://www.sec.gov/Archives/edgar/data/1494928/000139834421016711/fp0068207_497.htm
497 1 fp0068207_497.htm
RiverPark Funds Trust
RiverPark Short Term High Yield Fund
Institutional Class (RPHIX)
Retail Class (RPHYX)
Supplement dated August 24, 2021 to the Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) dated January 28, 2021.
This supplement provides new and additional information beyond that contained in the Summary Prospectus, Prospectus and SAI and should be read in conjunction with the Summary Prospectus, Prospectus and SAI.
IMPORTANT NOTICE ON PURCHASE OF FUND SHARES
Further to the Supplement dated May 20, 2021, effective as of 4 p.m. on August 27, 2021 (the "Revised Closing Date"), the definition of existing shareholders who may purchase Retail and Institutional Class Shares of the RiverPark Short Term High Yield Fund (the "Fund") is modified as follows:
Existing shareholders will only include shareholders of record of the Fund as of the Revised Closing Date (although if a shareholder closes all accounts in the Fund, additional investments into the Fund may not be accepted).
After the Revised Closing Date, the following eligible investors may also open new accounts:
·New shareholders may open Fund accounts and purchase shares directly from the Fund (i.e. not through a financial intermediary).
·Any trustee of RiverPark Funds Trust, or employee of RiverPark Advisors, LLC or Cohanzick Management, LLC, or an investor who is an immediate family member of any of these individuals.
The Fund reserves the right, in its sole discretion, to determine the criteria for qualification as an eligible investor and to reject or accept any purchase order. Sales of Retail Class Shares and Institutional Class Shares of the Fund may be further restricted or reopened in the future.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Ask these meme lovers why GME went up +27.5% today (8/24), and they answer "Fundamentals". LOL. But pressed further, they have no idea how to answer. The new generation of uninformed traders thinks its the quickest road to riches. Seems a lot more like musical chairs to me. Is either GME or AMC worth more than $8/share?
Its a market gone mad, and this paves the way for a Cathie Wood type figure to get her 15 minutes of fame. Ride the wave.
Eventually, the wave crashes, and Cathie gets dumped into the dustbin of history. Fads come and go, and so do bubbles.

Lithium-ion batteries have provided the first serious competition in a century to fossil fuels and combustion engines for transportation. Now an honorary fellow at Asahi Kasei, the Japanese chemical firm where he has worked for nearly 50 years, Yoshino sees more disruption ahead as transportation and digital technology become one industry, sharing lithium battery technology.
And,
Right now, the auto industry is thinking about how to invest in the future of mobility. At the same time, the IT industry is also thinking about the future of mobility. Somewhere, sometime, with the auto industry and the IT industry, there is going to be some kind of convergence for the future of mobility.
Tesla has their own independent strategy. The one to look out for is Apple. What will they do? I think they may announce something soon. And what kind of car would they announce? What kind of battery? They probably want to get in around 2025. If they do that, I think they have to announce something by the end of this year. That's just my own personal hypothesis.

battery-pioneer-akira-yoshino-tesla-apple-electric-future

Whitesnake's Here I Go Again:

@Mark

you speak as though she is deceiving/conning her investors and stealing their money.

No, I'm not. Don't put words in my mouth. I am speaking about a structural problem that has existed in the mutual fund and ETF industry since the beginning. This agency problem exists at any fund where there is a conflict of interest between the manager seeking to gather more assets and collect fees for himself/herself at the expense of fund shareholders. It's not a con, but it is a persistent problem that has often manifested itself especially with trendy niche funds. This phenomenon is nothing new. The irony is John Bogle spoke about it for decades in biblical terms, citing the roots of the fiduciary principal in the Gospel of Matthew: "No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other." In the fund industry he felt those two masters were the profit seeking fund management company and the fund investors, whose interests were often not aligned. It's the reason he created Vanguard with its quasi-non-profit structure. He wanted to eliminate the agency problem and have funds serve only fund shareholders. Unfortunately, the industry is fairly far from his original vision today. As for whether investors are capable of recognizing the risks of hot niche strategies, history has shown again and again that many are not. The tempation to performance chase is too great. I think 2020/2021's chasing after stocks like Game Stop is more than ample evidence that performance chasing persists. And when the music stops, the least sophisticated investors often get burned. What is irksome especially in this case is that this behavior is presented somehow as a godly pursuit. That and the extraordinary trendiness of companies with valuations exceeding many of those in the dotcom bubble with a portfolio p-e of 120: https://morningstar.com/etfs/arcx/arkk/portfolio For those that don't understand the risks this could end badly. The more trendy, faddish, narrowly focused, high cost and aggressive a fund is, the less like a fiduciary that puts his/her shareholders best interests first a manager seems.

Is not most investing connected to "other peoples money" in one fashion or another? Over many years we have profited from "OPM" whether it be from the FED., large fund and pension houses and numerous individual investors, both foreign and domestic. I/we have to calculate the risk/reward based upon numerous factors. The potential of any given investment sector is one of the critical decisions that must be considered. The who, why and where of cash flows.
With negative interest rates on government issues in several large global economies; there remain those who wonder how could our Treasury and economy continue with a 1.5% yield on a 10 year note or 1.9% on a 30 year bond. These yields look nice, many times, in the eyes of foreign monies.
TIS OPM, somewhere; every minute of the business day, globally speaking.
Good Evening,
Catch

I don't doubt she invests in her own funds. I've checked the ETFs' SAI and she definitely has money invested in them, but I would be surprised if she has her entire net worth in them. Interestingly, she does not have an equal amount per ETF:https://etfs.ark-funds.com/hubfs/1_Download_Files_ETF_Website/Performance-and-Other/ARK_Active_Funds_SAI.pdf Perhaps less holy faith in Israeli tech in the ARK Israel Innovative Technology ETF--under $1 million--than U.S. tech in ARK Innovation--over $1 million. (Invites Raiders of the Lost Ark jokes I guess.) Also, even if she does have her entire net worth, collecting fees off the entirety of assets acts as a shield for downturns. She'll collect millions of dollars off the ETFs in fees no matter what happens, a few million less if they fall. And imagine even if the entirety of one's net worth is invested but that net worth is say $100 million, well a 50% decline hurts, but not nearly as much as the poor sap who bought into the ETFs with say $50,000 to her/his name. It is still other people's money that is the cash cow.

@LB, I bet a nickel you are mistaken about her own personal portfolio. Someone with these sorts of convictions --- you have heard her speak? --- is a true believer through and through.
From 5mos ago:
https://www.barrons.com/articles/arks-cathie-wood-disrupted-investment-management-shes-not-done-yet-51614992508

Wall Street firms are again packaging and selling mortgages that the government-backed firms can’t or won’t back
"Lenders also have restarted making loans that don’t conform to the standards Fannie and Freddie require. Some use alternative documentation, such as bank statements instead of pay stubs, to verify borrowers’ income."

The gambling penchant ( = zero risk management) abetted by the call of the Holy Spirit
Laffer too
man
https://www.nytimes.com/2021/08/22/business/cathie-wood-ark-stocks.html

That says that Moodys is sticking to its guns, having predicted 4.5% based on last month's data (CPI-W through June). However, unless you expect deflation in the next couple of months (Aug, Sept figures), the Moody's figure is too low.
Assuming no inflation for the months of August and September (and also no deflation), the 3Q average CPI-W for 2021 would be 267.789 (i.e. the July figure), and the 3Q 2020 average is 253.412.
https://www.ssa.gov/oact/STATS/cpiw.html
That would make the COLA adjustment 5.67% since 267.789/253.412 = 1.0567.
To get a 4.6% COLA, prices in Aug and Sept would have to average 1.5% lower than July prices. For example, prices could drop 1% between July and Aug, and drop another 1% between Aug and Sept (i.e. 2% below July prices). This doesn't pass the laugh test.
It is true that the CPI-W M/M increases are moderating. Prices went up 0.91% from April to May, and 1.06% from May to June, but only 0.52% from June to July. If this deceleration continues, August prices could be the same as July's, and September's could be 0.5% lower. Still not enough of a drop for Moody's projection.
I'm not so interested in SS COLA, as there's nothing one can do about that. Besides, it's a nullity in terms of real dollars. But one has a choice about whether to buy some I-bonds. For this, it would be helpful to get a handle on the upcoming 6 month adjustment.
Even if Moody's is right and inflation, whether CPI-U or CPI-W, is running around "only" 4.6% through Sept, that would mean that I-bonds purchased now would average a 4.6% rate of return for a year. Can't find a better 100% secure place to park cash for a year or more.

Hoping this has not been posted yet (which would be interesting in and of itself) --- multiples inflation vs all else over the last 45y
https://www.morningstar.com/articles/1052552/how-much-has-the-market-benefited-from-investor-optimism

4.6%, projects Moody's
https://www.barrons.com/articles/social-security-is-in-line-for-biggest-percentage-bump-for-inflation-in-40-years-51629489389
try this one if blocked
https://apple.news/AAiFOiTAxTNq7J8zKFlEm_Q

Everyone I know, everywhere I go,
People need some reason to believe
I don't know about anyone, but me....
Jackson Browne
Wouldn't touch this with anyone else's 10 ft pole.
Just sayin', not for me, no to investing in China
Best,
Baseball Fan

A big part of the reason confronting the climate change challenge continues to be so difficult:
A Texas Solution to Global Warming: Use More Air-Conditioning

https://www.google.com/amp/s/www.wsj.com/amp/articles/money-managers-race-to-launch-first-u-s-bitcoin-etf-after-sec-signal-11629451802
Money Managers Race to Launch First U.S. Bitcoin ETF After SEC SignalWhile the regulator has indicated being receptive to exchange-traded funds for bitcoin futures, there are risks for individual investors

https://www.sec.gov/Archives/edgar/data/1444822/000119312521252724/d210667d497.htm
497 1 d210667d497.htm AQR RISK PARITY II MV FUND
AQR FUNDS
Supplement dated August 20, 2021 (“Supplement”)
to the Class I Shares, Class N Shares and Class R6 Shares
Summary Prospectus, Prospectus
and Statement of Additional Information, each dated May 1, 2021, as amended, of the AQR Risk Parity II MV Fund (the “Fund”)
This Supplement updates certain information contained in the Summary Prospectus, Prospectus and Statement of Additional Information. Please review this important information carefully. You may obtain copies of the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information free of charge, upon request, by calling (866) 290-2688, or by writing to AQR Funds, P.O. Box 2248, Denver, CO 80201-2248.
At a meeting held on August 19-20, 2021, the Board of Trustees (the “Board”) of AQR Funds (the “Trust”) approved a proposal to liquidate the Fund. Among other things, the Fund was not viable on an ongoing basis. Accordingly, effective 4:00 P.M. (Eastern time) on October 13, 2021, the Fund will no longer accept orders from new investors or existing shareholders to purchase Fund shares.
On or about October 13, 2021, AQR Capital Management, LLC, the Fund’s investment adviser, intends to begin liquidating the Fund’s assets in an orderly manner in advance of the Liquidation Date (as defined below), with the Fund’s commodities exposure potentially being liquidated in advance of this general liquidation. Proceeds from the liquidation of the Fund’s assets will be held in cash and similar instruments pending distribution to shareholders. As a result, the Fund may deviate from its investment strategies and policies and cease to pursue its investment objective. The Fund may incur transaction costs from liquidating portfolio holdings and performance may be adversely affected from holding cash and similar instruments.
The Fund has declared two dividends to occur prior to the Liquidation Date (as defined below), a special distribution to all holders of record as of August 30, 2021 and a second distribution to all holders of record as of November 1, 2021, collectively consisting of any undistributed income and capital gains (net of available capital loss carryovers). On or about November 5, 2021 (the “Liquidation Date”), the Fund will make a liquidating distribution of its remaining assets proportionately to any shareholders holding shares on the Liquidation Date. The Fund will then be terminated as series of the Trust. Shareholders may redeem their Fund shares or exchange their shares into shares of another series of AQR Funds, subject to any restrictions in the Fund’s Prospectus, at any time prior to the Liquidation Date.
The liquidation of the Fund is expected to have tax consequences for a taxable shareholder. Any final capital gain dividend will be treated as long-term capital gain, and any final income dividend will be taxable as ordinary income, or as qualified dividend income to the extent of the Fund’s income that so qualifies (which is taxed at the same preferential tax rate as long-term capital gain). The Fund’s final liquidating distribution will result in capital gain or loss to the receiving shareholder. Shareholders should consult their tax advisors concerning their tax situation and the impact of the liquidation and/or exchanging to a different fund has on their tax situation.
We appreciate your investment in the AQR Funds. For more information, please contact the Trust at (866) 290-2688.
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE

Can't seem to find

The fund is listed in Artisan’s institutional website, not retail. Minimum is $1M.

Hmm, i can't seem to find it. Any idea what the subscription or redemption terms are? Is there a lockup?

More than a decade on from the financial crisis, regulators are spooked once again that some companies at the heart of the financial system are too big to fail. But they're not banks.
This time it's the tech giants including Google (GOOGL.O), Amazon (AMZN.O) and Microsoft (MSFT.O) that host a growing mass of bank, insurance and market operations on their vast cloud internet platforms that are keeping watchdogs awake at night.

bank-regulators-tech-giants-are-now-too-big-fail

It makes sense to me to focus more on methane emissions.
Here is a little more on a big picture problem created by the disconnect between the lack of widespread understanding and concern and the potential for long-term global necessity.:

It’s precisely these costs of major planetary tipping points that I set out to calculate with three stellar colleagues....We find that the impact of these tipping points is itself highly uncertain....For example, we estimate a 10% chance that tipping points more than double the social cost of carbon.
Our paper is clearly not the final word on this question, but it is the kind of enumeration that helps make the case for why it is precisely the risks, the uncertainties, the tail events, and, yes, the planetary-scale tipping points that should really drive climate action now.

The Costs of Climate Tipping Points Add Up
Also, here is a short discussion about another recent climate change event and why it matters.
It Just Rained on Greenland's Summit For The First Time in Recorded History