Anfield Dynamic Fixed Income ETF

Introducing ADFI

The Anfield Dynamic Fixed Income ETF

Fund Objective:

The Dynamic Fixed Income ETF seeks to provide total return with capital preservation as a secondary objective. The Fund’s investment objective and policy to invest 80% of its net assets, including any borrowings for investment purposes, in fixed income instruments can be changed without shareholder approval, and may be changed by the Fund’s Board of Trustees upon 60 days, prior written notice to shareholders.

Investment Strategy:

The Fund is an actively managed exchange traded fund (“ETF”) that is a “fund of funds,” meaning that it primarily invests its assets in securities of other ETFs. The Fund normally invests at least 80% of its net assets, including any borrowings for investment purposes, in other unaffiliated ETFs (“Underlying Funds”) that invest in any facet of the global debt markets, including corporate bonds, U.S. government and agency securities, private debt, foreign sovereign bonds, convertible securities, bank loans, asset-backed securities, mortgage-backed securities, and cash equivalent instruments. The Fund is not managed relative to an index and has broad flexibility to allocate its assets across different types of securities and sectors of the fixed income markets. The Fund’s strategy seeks to outperform traditional core fixed income indices and styles over full market cycles by investing dynamically. It is expected that the Fund will typically hold 10-20 Underlying Funds to gain exposure to particular segments of the fixed income markets. These concentrated dynamic allocations are made with the goal of either capitalizing on positive opportunities or avoiding market declines. The Underlying Funds may invest heavily in foreign (non-U.S.) securities, and the Fund may have significant exposure through the Underlying Funds to issuers in emerging markets. The Fund may also invest in convertible securities. The Fund may also invest in various types of derivatives, including exchange listed and over the counter (“OTC”) futures, options, total return swaps, forwards and repurchase agreements. The Fund or the Underlying Funds may use derivatives as a substitute for making direct investments in underlying instruments, to reduce certain exposures or to “hedge” against market volatility and other risks.

Anfield Capital Management, LLC (the “Sub-Adviser”) selects potential investments based on its ongoing analysis of available opportunities. The Fund’s investment process includes bottom-up security research that incorporates a top-down economic framework. The Fund’s sector selection is driven by proprietary fundamental research. The broad economic outlook is determined in cyclical and secular forums that set the investment tone, with an orientation to capital preservation. The Fund’s price gains are balanced against a goal of preserving principle, with an emphasis on sectors with attractive fundamentals. The Fund’s sector diversity aims to spread risk across multiple industries and companies and will de-emphasize sectors when their fundamentals are poor, as measured by, among other factors, valuation, including price-to-earnings ratio, quality of earnings prospects, profit margins and earnings. The Sub-Adviser expects that the Fund will generally hold 10-20 positions, although total holdings are dependent on market conditions, the SubAdviser’s market views, and other factors. The Fund will sell a portfolio holding when it believes a sector has reached a target price or stop loss price, an investment thesis plays out, events fail to confirm the investment thesis, fundamentals deteriorate and cause a change to the risk-reward profile, or management identifies more attractive risk-adjusted return opportunities elsewhere.

Fund Details as of 07/29/2021

Ticker: ADFI

Primary Exchange: Cboe BZX Exchange

Cusip: 90214Q725

Inception Date: 08/18/2020

Net Assets: $15,389,374.00

Shares Outstanding: 1,575,000

Advisor Fee: 0.80%

Total Expense Ratio: 1.30%

30-Day SEC Yield: 1.37

Distribution Rate: 0

NAV: $9.77

Closing Market Price: $9.77

Premium Discount: $0

30 Day Median Bid/Ask Spread: 0.41%

Fund Documents:

Top Holdings as of 07/29/2021

Market Value % Net Assets % Name Market Price Shares Held Market Value
15.44% 15.47% ISHARES IBOXX INVESTMENT $135.9 17,521 $2,381,103.90
14.77% 14.81% ISHARES MBS ETF $108.67 20,969 $2,278,701.23
10.01% 10.04% SPDR PORTFOLIO INTERMEDIA $36.9 41,858 $1,544,560.20
9.89% 9.91% VANGUARD S/T CORP BOND ET $82.84 18,413 $1,525,332.92
9.76% 9.78% FIRST TRUST LOW DURATION $50.79 29,645 $1,505,669.55
7.04% 7.05% ISHARES US TREASURY BOND $26.86 40,395 $1,085,009.70
5.01% 5.02% SPDR BBG BARC HIGH YIELD $109.9 7,035 $773,146.50
5.01% 5.02% INVESCO FUNDAMENTAL HIGH $19.56 39,487 $772,365.72
4.99% 5% ISHARES IBOXX HIGH YLD CO $87.96 8,756 $770,177.76
4.99% 5% ISHARES 3-7 YEAR TREASURY $131.52 5,852 $769,655.04

Download All Holdings (.csv)                                                                                                                            4907-NLD-8/19/2020

The median bid-ask spread is calculated by identifying the national best bid and national best offer (“NBBO”) for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.