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Here’s one Wall Street’s hottest investment ideas – an Interval Fund - many of the people buying it have never heard of. So far in 2016, asset managers have registered to sell $26.7 billion of these funds - up 24% from the same period in 2015. While these funds offer portfolios that investors might not be able to get elsewhere they do come with caveats that might render them unsuitable for some.

Among them are funds that hold commercial real estate, timberland and farmland, online consumer loans, the debt of distressed or bankrupt companies, “catastrophe bonds” that are tied to risks like hurricanes or earthquakes, and other illiquid positions that seldom trade in the financial markets. Unlike a conventional mutual fund, an interval fund is ideal for such assets, since purchasers can’t sell their shares back at will. Instead, an interval fund will cash you out only a few times a year - most often, quarterly.

Investors as a whole can’t get more than 25% of their money back at a time; typically, funds offer to redeem 5% of their total shares at each interval. You could get all your money out at once if other investors don’t redeem the maximum, but it could take you several years doing so. That creates a pool of patient capital: money that won’t leave in a panic, because it can’t.

While patience is a virtue, it comes with a relatively steep price. Take, for example, the $2 billion FS Energy Total Return fund that was recently filed with the SEC.

• The fund will primarily hold stocks and bonds issued by oil and gas, coal and other natural-resource companies; some may be infrequently traded. It can also borrow up to 33% of total assets - amplifying any gains but also magnifying any losses.

• If you commit $10,000 to the Class A shares, you will pay a 5.75% sales charge, leaving only $9,425 to put to work. As a result, you need a 6.1% return just to break even. While a 2.45% management fee will be waived for the first 12 months, a 0.25% servicing fee and up to 0.75% in “ordinary operating expenses” will still apply. In year 2 and beyond, net annual expenses could total as much as 3.45%. Add it all up, and the fund has to earn at least 7.1% for you to get out of the hole. The costly sales charge can be avoided if you buy through some financial advisers.

Like all funds registered with the Securities and Exchange Commission, interval funds must give your money back as promised - except during an emergency or under a special exemption from the SEC.