Aspiriant Risk-Managed Capital Appreciation Fund

Investment Objective

The investment objective of the Fund is long term capital appreciation.

Strategies

The Fund intends to invest primarily in general or limited partnerships, funds, corporations, trusts or other investment vehicles (“Investment Funds”) that invest or trade in a wide range of securities. The Fund intends to invest its assets in U.S. and foreign, including emerging markets, securities and Investment Funds. There can be no assurance that the Fund will achieve its investment objective.

 

Shares are speculative and illiquid securities involving substantial risk of loss. Shares are not listed on any securities exchange and it is not anticipated that a secondary market for Shares will develop. Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted. Although the Fund may offer to repurchase a limited number of Shares from time to time, Shares will not be redeemable at a Shareholder’s option nor will they be exchangeable for Shares or shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate Shares. Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program. The Fund has no operating history. The Board may elect to repurchase less than the full amount that a Shareholder requests to be repurchased and may under certain circumstances elect to postpone, suspend or terminate an offer to repurchase Shares.


Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus that contains this and other information about the Fund is available by calling 1.877.997.9971 and should be read carefully prior to investing. An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund.

The Fund operates as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended.

*The Fund commenced investment operations on April 1, 2021, after the conversion of a private fund (the “Private Fund”) into shares of the Fund. The performance prior to the Fund’s inception is for the Private Fund, which commenced operations on July 25, 2007. The returns for the Private Fund reflect its performance prior to the conversion into the Fund. The Private Fund was not registered under the Investment Company Act of 1940 and was not subject to certain restrictions under that Act, but if the Private Fund had been registered, it is possible the performance may have been adversely affected. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Private Fund.

An investment in the Shares is not suitable for you if you need foreseeable access to the money you invest. The Fund is an appropriate investment only for those investors who can tolerate a high degree of risk and do not require a liquid investment.

The Fund is subject to substantial risks — including market risks, industry concentration risks, strategy risks, valuation risks, and Underlying Manager risks. The Fund allocates its assets to Underlying Managers and invests in Investment Funds that invest in actively traded securities and other financial instruments using a variety of strategies and investment techniques that may involve significant risks. Investment Funds generally will not be registered as investment companies under the Investment Company Act and, therefore, the Fund will not be entitled to the various protections afforded by the Investment Company Act with respect to its investments in Investment Funds. The Investment Manager will not have any control over the Underlying Managers, thus there can be no assurances that an Underlying Manager will manage its Investment Funds in a manner consistent with the Fund’s investment objective.

The Fund intends to offer to repurchase approximately 5% of its outstanding Shares (generally each quarter), and there is no guarantee that Shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each Shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased. The decision to offer to repurchase Shares is at the sole discretion of the Board and the Board may, under certain circumstances, elect not to offer to repurchase Shares.  Various other types of risks are also associated with investments in the Fund, including risks relating to the fund of funds structure of the Fund, risks relating to compensation arrangements and risks relating to industry concentration. 

Aspiriant Risk-Managed Capital Appreciation Fund is distributed by UMB Distribution Services, LLC. Aspiriant, LLC serves as the investment adviser (the “Investment Manager”) of the Fund. UMB Distribution Services, LLC and Aspiriant, LLC are unaffiliated. Check the background of this firm on FINRA’s BrokerCheck

Quick Facts

Ticker Symbol

XACAX

CUSIP

04538B108

Inception Date

4/1/2021*

Fund Assets

$149.60 Million
(as of 6/30/2021)

Number of Holdings

25 (as of 6/30/2021)