The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares upon redemption may be worth more or less than their original cost. The performance quoted does not reflect a 1% redemption fee imposed on shares redeemed or exchanged within 30 days of purchase.   Returns would have been lower if certain expenses had not been reduced or reimbursed. Current performance may be lower or higher than the performance data quoted. For performance current to the most recent month-end, please click here. 

The HFRX Equity Hedge Index is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX Equity Hedge Index report returns net of all fees. The performance and volatility of the fund will be different than those of the indexes. It is not possible to invest directly in the indexes. 

Gotham has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each of the funds to the extent necessary to ensure: (a) that the following funds' "Other Expenses", as set forth in each such fund's table of fees and expenses (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed, on an annual basis (i) 0.00% of average daily net assets for each of the Gotham Absolute Return Fund, the Gotham Enhanced Return Fund, the Gotham Total Return Fund and the Gotham Enhanced S&P 500 Index Fund; and (ii) 0.15% of average daily net assets for the Gotham Index Plus Fund; (b) that the following fund's total operating expenses (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed, on an annual basis (i) 1.50% of average daily net assets for the Gotham Neutral Fund; (ii) 0.75% of average daily net assets for the Gotham Large Value Fund; and (iii) 1.35% of average daily net assets for Gotham Defensive Long 500 Fund; (iv) 0.85% of average daily net assets for the Gotham Hedged Core Fund, and (v) 1.15% of average daily net assets for the Gotham Enhanced 500 Plus; and (c) 0.00% of average daily net assets for the underlying funds of Gotham Total Return Fund (the "Expense Limitation"). The Expense Limitation will remain in place until January 31, 2026 for each of the funds, unless the Board of Trustees of FundVantage Trust (the "Trust") approves its earlier termination. Gotham is entitled to recover, subject to approval by the Trust, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which Gotham reduced its compensation and/or assumed expenses for the funds. Prior to waivers and/or expense reimbursement under the Expense Limitation, each fund's gross expense ratio is estimated to be as follows: 1.73% for Gotham Absolute Return Fund, 1.96% for Gotham Neutral Fund, 1.78% for Gotham Enhanced Return Fund, 1.24% for Gotham Index Plus Fund, 1.21% for Gotham Large Value Fund, 0.65% for Gotham Enhanced S&P 500 Index Fund, 1.75% for Gotham Hedged Core Fund, 5.23% for Gotham Enhanced 500 Plus Fund, 1.78% for Gotham Total Return Fund's Institutional Class, and 2.09% for Gotham Defensive Long 500 Fund. See the Prospectus for additional details. 

The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares upon redemption may be worth more or less than their original cost. The performance quoted does not reflect a 1% redemption fee imposed on shares redeemed or exchanged within 30 days of purchase.   Returns would have been lower if certain expenses had not been reduced or reimbursed. Current performance may be lower or higher than the performance data quoted. For performance current to the most recent month-end, please click here. 

The HFRX Equity Hedge Index is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX Equity Hedge Index report returns net of all fees. The performance and volatility of the fund will be different than those of the indexes. It is not possible to invest directly in the indexes. 

Gotham has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each of the funds to the extent necessary to ensure: (a) that the following funds' "Other Expenses", as set forth in each such fund's table of fees and expenses (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed, on an annual basis (i) 0.00% of average daily net assets for each of the Gotham Absolute Return Fund, the Gotham Enhanced Return Fund, the Gotham Total Return Fund and the Gotham Enhanced S&P 500 Index Fund; and (ii) 0.15% of average daily net assets for the Gotham Index Plus Fund; (b) that the following fund's total operating expenses (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed, on an annual basis (i) 1.50% of average daily net assets for the Gotham Neutral Fund; (ii) 0.75% of average daily net assets for the Gotham Large Value Fund; and (iii) 1.35% of average daily net assets for Gotham Defensive Long 500 Fund; (iv) 0.85% of average daily net assets for the Gotham Hedged Core Fund, and (v) 1.15% of average daily net assets for the Gotham Enhanced 500 Plus; and (c) 0.00% of average daily net assets for the underlying funds of Gotham Total Return Fund (the "Expense Limitation"). The Expense Limitation will remain in place until January 31, 2026 for each of the funds, unless the Board of Trustees of FundVantage Trust (the "Trust") approves its earlier termination. Gotham is entitled to recover, subject to approval by the Trust, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which Gotham reduced its compensation and/or assumed expenses for the funds. Prior to waivers and/or expense reimbursement under the Expense Limitation, each fund's gross expense ratio is estimated to be as follows: 1.73% for Gotham Absolute Return Fund, 1.96% for Gotham Neutral Fund, 1.78% for Gotham Enhanced Return Fund, 1.24% for Gotham Index Plus Fund, 1.21% for Gotham Large Value Fund, 0.65% for Gotham Enhanced S&P 500 Index Fund, 1.75% for Gotham Hedged Core Fund, 5.23% for Gotham Enhanced 500 Plus Fund, 1.78% for Gotham Total Return Fund's Institutional Class, and 2.09% for Gotham Defensive Long 500 Fund. See the Prospectus for additional details.