Fund Evaluator:

Aspiriant Risk-Managed Municipal Bond Overview

Aspiriant Risk-Managed Municipal Bond (RMMBX) is an actively managed Municipal Bond Muni National Interm fund. Aspiriant launched the fund in 2015.

The investment seeks total return on investment through income exempt from regular federal income taxes and through capital appreciation. Under normal market conditions, the 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).

About Aspiriant Risk-Managed Municipal Bond (RMMBX)

There are 10 members of the management team with an average tenure of 6.84 years: Robert Miller (2016), Daniel Close (2023), Nicholos Venditti (2020), John Allen (2015), Marc Castellani (2015), Stephen Candido (2020), Michael Denlinger (2022), Adrian Van Poppel (2025), Robert DiMella (2022), Paul Brennan (2015). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Aspiriant Risk-Managed Municipal Bond has 1026 securities in its portfolio. The top 10 holdings constitute 19.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Aspiriant Risk-Managed Municipal Bond is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Aspiriant Risk-Managed Municipal Bond has 1.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 84.7% (83.8% domestic bond, 1.0% foreign bond and 0.0% convertible bond). Aspiriant Risk-Managed Municipal Bond has 4.8% of the portfolio in cash.

Assets Under Management

The fund has $1 billion in total assets, which is above the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

RMMBX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Aspiriant Risk-Managed Municipal Bond expense ratio is average compared to funds in the Muni National Interm category. Aspiriant Risk-Managed Municipal Bond has an expense ratio of 0.45%, which is 34% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Aspiriant Risk-Managed Municipal Bond has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Interm category.

Recently, in the month of August 2026, Aspiriant Risk-Managed Municipal Bond returned -0.2%, which earned it a grade of F, as the Muni National Interm category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Aspiriant Risk-Managed Municipal Bond has a trailing yield of 3.83%, which is above the 3.27% category average. The fund normally distributes its income quarterly and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Aspiriant Risk-Managed Municipal Bond Grades

Year to date, the fund has returned 1.1%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 5.2% over the past year (grade of A), 3.7% over the past three years (grade of B) and 0.9% per year over the past five years (grade of B) and 2.3% per year over the past 10 years (grade of A).

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