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Trending ETFs

Aspiriant Risk-Managed Municipal Bond Fund

mutual fund
RMMBX
Payout Change
Pending
Price as of:
$9.51 -0.01 -0.11%
primary theme
Municipal Bond
share class
RMMBX (Mutual Fund)

Aspiriant Risk-Managed Municipal Bond Fund

Payout Change
Pending
Price as of:
$9.51 -0.01 -0.11%
primary theme
Municipal Bond
share class
RMMBX (Mutual Fund)

Aspiriant Risk-Managed Municipal Bond Fund

Payout Change
Pending
Price as of:
$9.51 -0.01 -0.11%
primary theme
Municipal Bond
share class

Name

As of 10/02/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.51

$1.28 B

3.47%

$0.33

0.59%

Vitals

YTD Return

3.9%

1 yr return

10.5%

3 Yr Avg Return

0.4%

5 Yr Avg Return

1.5%

Net Assets

$1.28 B

Holdings in Top 10

25.9%

52 WEEK LOW AND HIGH

$9.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.59%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 11.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/02/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$9.51

$1.28 B

3.47%

$0.33

0.59%

RMMBX - Profile

Distributions

  • YTD Total Return 3.9%
  • 3 Yr Annualized Total Return 0.4%
  • 5 Yr Annualized Total Return 1.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.32%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Aspiriant Risk-Managed Municipal Bond Fund
  • Fund Family Name
    ASPIRIANT
  • Inception Date
    Jul 01, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Miller

Fund Description

To achieve its investment objective, under normal market conditions, the Municipal Bond Fund invests at least 80% of its total assets in municipal securities that pay income that is exempt from regular federal personal income tax. These municipal securities include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities, and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands, and Guam). The Fund may invest without limit in securities that generate income subject to the federal alternative minimum tax applicable to corporate or non-corporate shareholders. The Fund may invest in bonds of any maturity and duration.

The Fund may invest significantly in high yield municipal securities, which are securities rated below investment grade (BB/Ba or lower at the time of purchase) or, if unrated, judged to be of comparable quality by the Fund’s sub-advisers. High yield securities are commonly referred to as junk bonds and are considered speculative.

The Fund also invests in investment grade municipal and other securities, preferred securities, taxable municipals, and pooled investment vehicles (such as open-end and closed-end funds, exchange-traded funds, and private funds) that invest primarily in securities of the types in which the Fund may invest directly. In addition, for hedging purposes, the Fund may invest in structured notes and other derivatives such as futures contracts, options on futures contracts, swap agreements (including interest rate swaps, total return swaps and credit default swaps), and options on swap agreements.

The Fund may invest in all types of municipal securities, including general obligation bonds, revenue bonds, and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may also invest in municipal forwards, which are contracts to purchase municipal securities for a specified price at a future date later than the normal settlement date.

The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. Holders of inverse floaters are exposed to all of the gains or losses on the underlying municipal bonds, despite the fact that their net cash investment is significantly less than the value of those bonds. This multiplies the positive or negative impact of the underlying bonds’ price movements on the value of the inverse floaters, thereby creating effective leverage. The Fund may invest in inverse floaters that create effective leverage of up to 30% of the Fund’s total investment exposure. The Fund will only invest in inverse floating rate securities whose underlying bonds are rated A or higher.

The sub-advisers use a research-intensive investment process to identify higher-yielding and undervalued municipal bonds that offer above-average total return. The sub-advisers’ allocation within the municipal markets and among non-municipal markets is based on its macroeconomic outlook, relative valuation estimates among the various markets, and tax-adjusted total return estimates among alternative investment opportunities. The sub-advisers may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds.

The Adviser may change the Fund’s exposures from time-to-time, which in turn results in higher or lower levels of risk. In managing the Fund’s exposures, the Adviser considers a number of economic factors including valuation levels of publicly traded securities. For example, the Fund’s exposure to investment grade securities and high yield securities will vary depending on the market environment. In addition to varying its exposures, the Fund may also hold certain derivative positions intended to increase or decrease the risk of the Fund. For example, the Fund may enter into an interest rate swap designed to increase or decrease its sensitivity to prevailing interest rate levels.

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RMMBX - Performance

Return Ranking - Trailing

Period RMMBX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.9% -1.5% 25.5% 19.91%
1 Yr 10.5% 2.4% 40.4% 59.92%
3 Yr 0.4%* -9.7% 3.5% 24.92%
5 Yr 1.5%* -6.4% 1105.2% 11.82%
10 Yr N/A* -0.8% 248.9% N/A

* Annualized

Return Ranking - Calendar

Period RMMBX Return Category Return Low Category Return High Rank in Category (%)
2023 2.3% -1.4% 41.0% 65.60%
2022 -11.7% -39.7% 0.3% 52.36%
2021 -0.8% -5.6% 6.9% 64.20%
2020 1.4% -2.6% 310.0% 66.94%
2019 4.0% 0.0% 26.0% 40.40%

Total Return Ranking - Trailing

Period RMMBX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.9% -1.5% 25.5% 19.91%
1 Yr 10.5% 2.4% 40.4% 59.92%
3 Yr 0.4%* -9.7% 3.5% 24.92%
5 Yr 1.5%* -6.4% 1105.2% 11.82%
10 Yr N/A* -0.8% 248.9% N/A

* Annualized

Total Return Ranking - Calendar

Period RMMBX Return Category Return Low Category Return High Rank in Category (%)
2023 5.4% -1.3% 41.0% 56.62%
2022 -8.4% -39.7% 1.1% 39.81%
2021 3.2% -4.8% 23761504.0% 13.72%
2020 4.0% -1.5% 17057.9% 40.97%
2019 7.7% 0.2% 3514.6% 18.84%

NAV & Total Return History


RMMBX - Holdings

Concentration Analysis

RMMBX Category Low Category High RMMBX % Rank
Net Assets 1.28 B 3.22 M 71.9 B 25.30%
Number of Holdings 939 4 13418 10.68%
Net Assets in Top 10 326 M -317 M 3.45 B 9.75%
Weighting of Top 10 25.92% 1.9% 100.1% 19.85%

Top 10 Holdings

  1. iShares National Muni Bond ETF 10.23%
  2. Mackay Municipal Opportunities Fund LP 7.29%
  3. BlackRock Liquidity Funds, T-Fund, Institutional Class 3.99%
  4. Mackay Municipal Credit Opportunities Fund LP 2.18%
  5. Puerto Rico Sales Tax Financing Corp. Sales Tax 0.40%
  6. City of New York, Series FISCAL 2024 C 0.39%
  7. Illinois Finance Authority, Series 2023A 0.38%
  8. Port Authority of New York New Jersey 0.37%
  9. JPMorgan Prime Money Market Fund, Institutional Class Shares 0.36%
  10. Port Authority of New York New Jersey, Series 242 0.34%

Asset Allocation

Weighting Return Low Return High RMMBX % Rank
Bonds
73.24% 0.00% 150.86% 98.47%
Cash
6.26% -50.86% 43.45% 4.71%
Stocks
0.00% 0.00% 99.89% 83.55%
Preferred Stocks
0.00% 0.00% 0.08% 80.16%
Other
0.00% -3.72% 51.88% 75.51%
Convertible Bonds
0.00% 0.00% 0.93% 80.15%

Bond Sector Breakdown

Weighting Return Low Return High RMMBX % Rank
Municipal
94.38% 44.39% 100.00% 84.28%
Cash & Equivalents
5.31% 0.00% 43.45% 5.24%
Derivative
0.00% -3.72% 51.88% 74.59%
Securitized
0.00% 0.00% 5.93% 80.88%
Corporate
0.00% 0.00% 9.41% 82.74%
Government
0.00% 0.00% 52.02% 81.41%

Bond Geographic Breakdown

Weighting Return Low Return High RMMBX % Rank
US
73.24% 0.00% 142.23% 98.47%
Non US
0.00% 0.00% 23.89% 82.48%

RMMBX - Expenses

Operational Fees

RMMBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.59% 0.01% 8.02% 70.05%
Management Fee 0.27% 0.00% 1.20% 12.73%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.03% 0.01% 0.44% 2.65%

Sales Fees

RMMBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

RMMBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

RMMBX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 11.00% 0.00% 283.00% 27.55%

RMMBX - Distributions

Dividend Yield Analysis

RMMBX Category Low Category High RMMBX % Rank
Dividend Yield 3.47% 0.00% 14.51% 43.10%

Dividend Distribution Analysis

RMMBX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Monthly Monthly Monthly

Net Income Ratio Analysis

RMMBX Category Low Category High RMMBX % Rank
Net Income Ratio 2.32% -0.53% 5.33% 30.09%

Capital Gain Distribution Analysis

RMMBX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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RMMBX - Fund Manager Analysis

Managers

John Miller


Start Date

Tenure

Tenure Rank

Jul 01, 2015

6.92

6.9%

John leads the municipals fixed income strategic direction and investment perspectives for Nuveen. He also manages several municipal bond strategies and closed-end funds. John is a trusted public voice in discussing key issues and trends within the municipal market. He is a frequent guest on CNBC, Bloomberg Television and Fox Business News. His perspective is often sought out by leading industry media such as The Wall Street Journal, Barron’s, Bloomberg News and Morningstar. Before being named the co-head of fixed income in 2011, he was chief investment officer for the firm’s municipal bond team starting in 2007. He was named a managing director and head of portfolio management for Nuveen Asset Management in 2006. John became a portfolio manager in 2000 after starting at the firm as a municipal credit analyst in 1996. He began working in the financial industry at a private account management firm in 1993. John earned a B.A. in Economics and Political Science from Duke University, an M.A. in Economics from Northwestern University and an M.B.A. in Finance with honors from the University of Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA institute and the CFA society of Chicago. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA institute.

Paul Brennan


Start Date

Tenure

Tenure Rank

Jul 01, 2015

6.92

6.9%

Paul L. Brennan, CFA, is Senior Vice President and Portfolio Manager of Nuveen Asset Management. He began his career in the financial industry in 1991 as a municipal credit analyst for Flagship Financial Inc. (“Flagship”) before becoming a portfolio manager at Flagship in 1994. Mr. Brennan joined Nuveen Asset Management in 1997 when the firm acquired Flagship.

Marc Castellani


Start Date

Tenure

Tenure Rank

Oct 31, 2015

6.59

6.6%

Marc Castellani, CFA, CAIA, CIMA, is Managing Director of Investment Strategy & Research at Aspiriant, LLC. Mr. Castellani joined Aspiriant, LLC in 2015. Prior to joining Aspiriant, LLC, he worked at J.P. Morgan Private Bank in Los Angeles from 2012 to 2015. Prior to joining J.P. Morgan Private Bank, he worked at U.S. Trust from 2010 to 2012. Previously, Mr. Castellani worked in Merger and Acquisitions of J.P. Morgan and Banc of America Securities. He began his career in the financial services industry as an Associate in the corporate finance advisory practice of Stern Stewart & Company.

John Allen


Start Date

Tenure

Tenure Rank

Oct 31, 2015

6.59

6.6%

John Allen, CFA, CAIA, is Chief Investment Officer (“CIO”) at Aspiriant, LLC. Mr. Allen joined Aspiriant, LLC as CIO in 2014. Prior to joining Aspiriant, LLC he was a senior member of the client service team at Grantham, Mayo, Van Otterloo (“GMO”) from 2009 to 2014. Prior to joining GMO, Mr. Allen was Head of Investments at a large family office. He began working in the financial services industry in the investment banking department at Donaldson, Lufkin & Jenrette and business consulting practice of Stern Stewart & Company.

Robert Miller


Start Date

Tenure

Tenure Rank

May 16, 2016

6.04

6.0%

Robert Miller is a senior portfolio manager for the Municipal Fixed Income team at Allspring Global Investments, where he manages mutual funds and separate accounts. He joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Prior to joining WFAM, Robert worked for American Century Investments, where he was part of a team managing the firm’s municipal bond portfolios. Robert had direct responsibility for the firm’s national intermediate- and long-term investment-grade strategies. In addition, he managed several other state-specific funds for the firm. Robert also served as a member of its analytical team. Earlier, Robert was a municipal bond analyst with Moody’s Investors Service, where he served as an analyst in the States and High Profile Ratings Group as well as the Airport Credit Group, the Southeast Regional Ratings Group, and the Mid-Atlantic Regional Ratings Group. He also founded a small venture capital firm and served as a consultant with Black and Veatch and KPMG Peat Marwick, where he specialized in conducting financial feasibility studies in support of large infrastructure projects. Robert earned a bachelor’s degree in business administration with an emphasis in finance from San Jose State University and a master’s degree in business administration from the Leonard N. Stern School of Business at New York University.

Terry Goode


Start Date

Tenure

Tenure Rank

Jun 30, 2019

2.92

2.9%

Terry Goode is a senior portfolio manager for the Municipal Fixed Income team at Allspring Global Investments. He is responsible for managing national and state-specific mutual funds, insurance accounts, and separate accounts. Terry joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Before this, he served as head of the WFAM Tax-Exempt Research team, leading the group responsible for providing credit research to the Municipal Fixed Income team. Prior to joining WFAM, Terry performed similar research duties and provided bond ratings as a director at Standard & Poor’s Credit Market Services. He held a similar position with Wells Fargo Bank’s health care division. Terry earned a bachelor’s degree in economics from the University of California, Los Angeles, and a master’s degree in business administration with an emphasis in finance and investment strategy from the Haas School of Business at the University of California, Berkeley. Terry is a member of the National Federation of Municipal Analysts and the Society of Municipal Analysts and served as former chair and member of the California Society of Municipal Analysts.

Stephen Candido


Start Date

Tenure

Tenure Rank

Jan 31, 2020

2.33

2.3%

Stephen J. Candido, CFA, is Vice President, Portfolio Manager and Senior Research Analyst at Nuveen Asset Management, LLC. Mr. Candido is a portfolio manager and senior research analyst for the Municipal Fixed Income Team, responsible for conducting fundamental credit analysis and contributing to relative value assessments with portfolio managers and traders, primarily for high yield strategies. He specializes in covering land secured credits, including special assessment districts, tax increment financings, and project finance. In addition, he is assigned to the student loan and housing sectors, including student housing. Mr. Candido started working in the financial services industry in 1996 when he joined the firm in the Unit Trust Division. Prior to his current role on the research team, he was an assistant vice president for Nuveen’s Global Structured Products team beginning in 2005. He also served as the manager of the Fixed Income Unit Trust Product Management and Pricing Group starting in 2001 and prior to that held positions as an equity research analyst and fixed income pricing analyst. Mr. Candido earned a B.S. in finance from Miami University in Ohio and an M.B.A. in finance with honors as a member of Beta Gamma Sigma from the University of Illinois-Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.

Nicholos Venditti


Start Date

Tenure

Tenure Rank

Sep 01, 2020

1.75

1.8%

Nicholos Venditti is a senior portfolio manager for the Municipal Fixed Income team at Allspring Global Investments. He joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). Before joining WFAM, he was with Thornburg Investment Management as a portfolio manager and head of the municipal bond group. Earlier positions there include serving as a portfolio manager on seven mutual funds and separately managed accounts with total assets of approximately $10 billion. Prior to Thornburg, Nicholos held a variety of roles focused on municipal credit analysis at Financial Security Assurance/Assured Guaranty, where he began his investment industry career in 2007. He earned a bachelor’s degree in theoretical economics from Trinity University; a master’s degree in applied economics from the University of North Carolina, Greensboro, where he also served as an adjunct professor; and a master’s degree in finance from Syracuse University. He has earned the right to use the Chartered Financial Analyst® (CFA) designation.

Michael Denlinger


Start Date

Tenure

Tenure Rank

Apr 11, 2022

0.14

0.1%

Mr. Denlinger joined MacKay Shields in 2019 and is currently a Director. Prior to joining MacKay Shields, he was an institutional municipal credit trader at Bank of America Merrill Lynch with a primary focus on taxable and healthcare securities. Prior to trading credit, he was a high grade municipal trader. Mr. Denlinger earned a Bachelor’s degree in Economics from Johns Hopkins University in 2014. Mr. Denlinger is a CFA Charterholder and has been in the financial services industry since 2014.

Robert DiMella


Start Date

Tenure

Tenure Rank

Apr 11, 2022

0.14

0.1%

Robert joined MacKay Shields in July 2009 when the firm acquired the assets of Mariner Municipal Managers LLC. He was the President and co-founder of Mariner Municipal Managers from 2007 to 2009. He has been a municipal portfolio manager since 1992, with a broad range of trading and portfolio management experience in the municipal markets. Robert was a Managing Director and Co-Head of BlackRock’s Municipal Portfolio Management Group (from 2006 to 2007). Prior to BlackRock’s merger with Merrill Lynch Investment Managers, he served as a Senior Portfolio Manager and Managing Director of the Municipal Products Group. He was employed by Merrill Lynch from 1993 to 2006. Robert is a member of the firm’s Senior Leadership Team. He earned his Master’s degree at Rutgers University Business School and an undergraduate degree at the University of Connecticut. He is a CFA Charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.33 1.58