Anfield Universal Fixed Income ETF

Introducing AFIF

The Anfield Universal Fixed Income ETF

Fund Objective:

The Fund seeks current income.

Investment Strategy:

The Fund is an actively managed exchange traded fund (“ETF”) that normally invests at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income 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 principal investments of the Fund include corporate bonds, U.S. government and agency securities, master-limited partners (“MLPs”) (tied to energy-related commodities), private debt, foreign sovereign bonds, convertible securities, bank loans, asset-backed securities, mortgage-backed securities, and cash equivalent instruments. To a lesser extent, the Fund may invest in dividend-paying common stocks. The Fund may also invest in various types of derivatives, including futures, options, credit default swaps, total return swaps and repurchase agreements. The Fund 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. The Fund may also invest in other investment companies, including other exchange-traded funds. The Fund may invest in fixed income instruments with fixed or adjustable (floating) rates. The Fund does not seek to maintain any particular weighted average maturity or duration, and may invest in fixed income instruments of any maturity or duration.

The Fund may invest in both investment grade and below investment grade (often referred to as “high yield” or “junk” bonds) securities, subject to a maximum of up to 50% of the Fund’s assets in below investment grade securities. The Fund will typically invest a substantial portion of the Fund’s investments in securities of issuers with a range of credit ratings that have stable or improving fundamentals. Securities of these issuers include secured bank loans and below investment grade bonds. The Fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign issuers, including investing up to 20% of its net assets in issuers located in emerging market countries. The Fund’s investment process includes both a top-down macroeconomic analysis and a bottom-up analysis of individual securities. In its evaluation of a potential investment, the Fund conducts a fundamental analysis of the individual issuer, reviews the valuation of the security and the relative valuations of similar securities, and analyzes the supply and demand for the security in the market. The Fund seeks to identify companies in stable and growing sectors of the economy that generate sufficient revenue to meet their debt obligations. The Fund will sell a portfolio holding when the security no longer meets its investment criteria or when a more attractive investment is available.

Fund Details as of 04/09/2021

Ticker: AFIF

Primary Exchange: Cboe BZX Exchange

Cusip: 90214Q766

Inception Date: 09/18/2018

Net Assets: $128,797,756.88

Shares Outstanding: 13,250,000

Total Expense Ratio: 1.23%

Expense Ratio Cap: 1.30%

30-Day SEC Yield: 1.43

Distribution Rate: 0

NAV: $9.72

Closing Market Price: $9.71

Premium Discount: $-0.01

30 Day Median Bid/Ask Spread: 0.3%

Fund Documents:


Top Holdings a
s of 04/09/2021

Market Value % Net Assets % Name Market Price Shares Held Market Value
4.19% 4.37% ISHARES CORE U.S. AGGREGA $114.18 49,340 $5,633,641.20
3.52% 3.68% US DOLLARS $1 4,735,271 $4,735,271.19
3.16% 3.3% DD 2.169 05/01/23 $100.31604 4,233,000 $4,246,377.97
2.94% 3.07% US 10YR NOTE (CBT)Jun21 $131.734 30 $3,952,020.00
2.36% 2.46% INVESCO FUNDAMENTAL HIGH $19.44 163,200 $3,172,608.00
2.36% 2.46% SPDR BBG BARC HIGH YIELD $108.89 29,100 $3,168,699.00
2.25% 2.35% SYMC 3.95 06/15/22 $102 2,963,000 $3,022,260.00
2.21% 2.31% S 7 1/4 09/15/21 $102.657 2,893,000 $2,969,867.01
2.19% 2.29% TEVA 2.2 07/21/21 $100.3085 2,937,000 $2,946,060.65
1.96% 2.05% TITIM 5.303 05/30/24 $110.0295 2,400,000 $2,640,708.00

Download All Holdings (.csv)

Approval Code: 8086-NLD-9/7/2018

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.