The Firm: Aspiration was founded on October 31, 2013, and is headquartered in Marina del Rey, California. It is a privately held limited liability company and a wholly owned subsidiary of Aspiration Partners, Inc. Timothy Newell assumed the role of Chief Executive Officer in October of 2023 but is not a significant owner of Aspiration.
Aspiration serves as the investment adviser to the Aspiration Redwood Fund (the “Fund”), a registered open-end investment company or mutual fund. We have delegated certain advisory duties to UBS Asset Management (Americas) Inc. (“UBS” or the “Sub-Adviser”) pursuant to a sub-advisory agreement entered into on behalf of the Fund. UBS, a Delaware corporation, is a member of the UBS Asset Management business division of UBS Group AG, a publicly traded Swiss bank (NYSE: UBS). UBS Asset Management (Americas) Inc. is an indirect wholly owned subsidiary of UBS Group AG and is registered as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended (“Advisers Act”). UBS and Aspiration are not affiliated entities.
The Sub-Adviser has been selected based on an evaluation of its skills and investment results in managing assets for the Fund’s specific asset class, investment style, and strategies. Although Aspiration has delegated responsibility for day-to-day portfolio management (including authority over security-level decisions) to the Sub-Adviser, Aspiration regularly monitors the Sub- Adviser’s performance with respect to its management of client assets and retains the authority to engage or terminate the Sub-Adviser. Any decision to engage or terminate the Sub-Adviser will be based upon continued suitability and performance of the Sub-Adviser in relation to its management of client assets.
Information regarding the services and strategies provided by the Sub-Adviser is set forth below.
A more detailed description of the specific services available from the Sub-Adviser can be found in the Sub-Adviser’s current Form ADV Part 2A, available at https://adviserinfo.sec.gov/.Clients are encouraged to carefully review the Sub-Adviser’s Form ADV Part 2A disclosure brochure for service level, fee, conflict and professional background information applicable to the Sub- Adviser.
Aspiration Partners, Inc., the parent company to Aspiration Fund Adviser, LLC, is the sole member of the Aspiration Impact Foundation, LLC, a 501c(3) organization. As discussed in more detail below, the Aspiration Impact Foundation serves as the organizational umbrella for the Aspiration’s charitable activities and allows the contributors to the Aspiration Impact Foundation (i.e., Aspiration’s clients) to deduct their charitable donations from their taxable income.
Our Advisory Services: We serve as investment adviser to the Fund. The Fund is a series of Aspiration Funds, a Delaware statutory trust (the “Trust”). Item 8 of this brochure provides more information about the Fund’s investment

strategy.
Unlike traditional registered investment companies, the Fund does not charge an investment advisory fee at the Fund level. Instead, in order to be consistent with the current regulatory framework, investors who want to invest in a Fund must become an advisory client of Aspiration and choose the amount of advisory fees, if any, that they will pay us under our “Pay What is Fair” fee model. Currently, the Adviser is not collecting advisory fees while they await shareholder approval on the Interim Advisory Contract with the Redwood Fund.
Our advice to individual clients is limited to general advice as to the advisability of investing in shares of the Fund. We do not make specific recommendations to invest a certain amount in the Fund at any certain point in time, provide discretionary advice to individual clients who seek to invest in the Fund, or create or recommend investment portfolios for individual clients. The advice provided to individual clients is not personalized or otherwise based on any information or knowledge of the individual clients and therefore is not designed to meet the objectives or needs of individual clients. In addition, we do not provide ongoing monitoring of individual client accounts.
We provide non-advisory, administrative services in support of the individual client accounts established with us, such as placing orders for the purchase and sale of Fund shares, as well as providing a software interface and technical support; access to statements, trade confirmations and tax forms online; information and reports issued by the Fund; education; customer service; and facilitation of charitable giving through Aspiration Impact Foundation, Inc. an affiliated 501(c)(3) organization.
Tailoring Our Services: Our advice to the Fund is tailored to meet the investment objectives and restrictions of the Fund, which are described in detail in the Fund’s registration statement. In addition, we have delegated certain advisory duties to the Sub-Adviser. We actively oversee the Sub-Adviser’s investment performance, operations and compliance through regular due diligence reviews and policies and procedures.
As discussed in above in “Our Advisory Services,” because our advice to individuals is limited to general advice as to the advisability of investing in shares of the Fund and does not take the form of specific recommendations to invest a certain amount in the Fund at a certain point in time, individual clients may not impose restrictions relating to investing in securities or certain types of securities.
Wrap Fee Programs: We do not participate in wrap fee programs.
Assets Under Management: As of December 31, 2023, Aspiration had $147,009,436 of discretionary assets under management. While we will retain discretionary responsibility for the management of the assets of the Fund, we have delegated such responsibility to the Sub-Adviser.
Aspiration does not manage any assets on a non-discretionary basis.