Anfield Diversified Alternatives ETF

Anfield Diversified
Alternatives ETF

As of 02/03/2023

Ticker DALT	Primary Exchange CBOE BZX EXCHANGE	CUSIP 90213U115
Inception Date 09/29/2017	Net Assets $61,578,863.14	Shares Outstanding 7,000,000
Distribution Rate -	NAV $8.80	Closing Market Price $8.78
Premium Discount $-0.02	30 Day Median Bid/Ask Spread 0.23%	FACT SHEET

Investment Overview

Fund Objective

The Anfield Diversified Alternatives ETF (“the Fund”) seeks to provide capital growth and income with positive return over full market cycles.

Investment Strategy

The Fund is an actively managed exchange traded fund (“ETF”) that is a fund of funds. It seeks to achieve its investment objective by investing primarily in alternative asset classes and securities that represent sectors, market segments or asset classes that do not represent the general investment universe. The Fund will implement this strategy primarily through investments in unaffiliated ETFs, closed-end funds (“CEFs”), business development companies (“BDCs”) and real estate investment trusts (“REITs”). The Fund invests in a broad spectrum of asset classes with adjustments made by the portfolio management team in an effort to reduce risk and increase return. The portfolio managers will look to invest in a diverse set of assets classes, typically ten different markets, sectors, and themes with a target of approximately 20 to 30 different positions, dependent on market conditions.

Management Team

Investment Partner

Anfield Capital

Anfield Capital is comprised of a team of investment management executives from top-flight institutions. Our highly experienced team of 12 professionals has nearly 300 years of combined experience with the Anfield principals working together as a team for over 25 years.

Fund Managers

Peter Van de Zilver, CFA

Head of PM Analytics and Risk Management

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David Young, CFA

Founder & Chief Executive Officer

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Top Holdings as of 02/03/2023

Market Value %	Name	Market Price	Shares Held	Market Value
6.19%	US DOLLAR FUTURE	$1.00	3,747,892	$3,747,892.09
5.61%	FIRST TRUST NATURAL GAS E	$23.95	141,893	$3,398,337.35
5.52%	JANUS HENDERSON SHORT DUR	$47.65	70,226	$3,346,268.90
4.42%	ARES CAPITAL COR	$19.69	135,948	$2,676,816.12
4.38%	INVESCO DYNAMIC ENERGY EX	$28.97	91,629	$2,654,492.13
3.93%	VANECK RARE EART	$93.60	25,413	$2,378,656.80
3.81%	OXFORD LANE CAPI	$6.21	371,445	$2,306,673.45
3.68%	PIMCO DYNAMIC INCOME FUND	$20.92	106,532	$2,228,649.44
3.66%	FIRST TRUST MLP AND ENERG	$8.15	272,230	$2,218,674.50
3.56%	INVESCO DB ENERGY FUND	$20.37	105,856	$2,156,286.72

Market Value: 6.19%
Name: US DOLLAR FUTURE
Market Price: $1.00
Shares Held: 3,747,892
Market Value: $3,747,892.09

Market Value: 5.61%
Name: FIRST TRUST NATURAL GAS E
Market Price: $23.95
Shares Held: 141,893
Market Value: $3,398,337.35

Market Value: 5.52%
Name: JANUS HENDERSON SHORT DUR
Market Price: $47.65
Shares Held: 70,226
Market Value: $3,346,268.90

Market Value: 4.42%
Name: ARES CAPITAL COR
Market Price: $19.69
Shares Held: 135,948
Market Value: $2,676,816.12

Market Value: 4.38%
Name: INVESCO DYNAMIC ENERGY EX
Market Price: $28.97
Shares Held: 91,629
Market Value: $2,654,492.13

Market Value: 3.93%
Name: VANECK RARE EART
Market Price: $93.60
Shares Held: 25,413
Market Value: $2,378,656.80

Market Value: 3.81%
Name: OXFORD LANE CAPI
Market Price: $6.21
Shares Held: 371,445
Market Value: $2,306,673.45

Market Value: 3.68%
Name: PIMCO DYNAMIC INCOME FUND
Market Price: $20.92
Shares Held: 106,532
Market Value: $2,228,649.44

Market Value: 3.66%
Name: FIRST TRUST MLP AND ENERG
Market Price: $8.15
Shares Held: 272,230
Market Value: $2,218,674.50

Market Value: 3.56%
Name: INVESCO DB ENERGY FUND
Market Price: $20.37
Shares Held: 105,856
Market Value: $2,156,286.72

Download All Holdings (.CSV)

Fees

Adviser Fee	Total Expense Ratio	Total Expense Cap
0.80%	2.42%	1.50%*

*The Fund’s Adviser has contractually agreed to reduce the Fund’s fees and/or absorb expenses of the Fund until at least August 31, 2023 to ensure that the net annual fund operating expenses will not exceed 1.50%.

Documents

SAI – AUG 31, 2022	Prospectus – AUG 31, 2022	Prospectus Summary – AUG 31, 2022
Market Events – MAR 27, 2020	Annual Report – APR 30, 2022	Semi Annual Report – OCT 31, 2022
Premium/Discount History – DEC 31 2022	Premium/Discount History – SEP 30, 2022	Fund Holdings – JUL 31, 2022
Fund Holdings – JAN 31, 2022

Download All Documents

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.

Investors should carefully consider the investment objective, risks, charges and expenses of ETF Funds. This and other information is contained in the prospectus and should be read carefully before investing. For a prospectus please call 866-866-4848 or visit our website at regentsparkfunds. com. Regents Park Funds are distributed by Northern LightsDistributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC and Regents Park Funds, LLC are not affiliated.

DISCLOSURE:
IMPORTANT RISK FACTORS

New funds provide a limited history of operations for investors to evaluate. As with all funds, there is a risk that you could lose money through your investment in these Funds. Many factors affect the Fund’s net asset value and performance. There is no guarantee that the investment will achieve its objectives, generate profits or avoid losses. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investing in commodities or futures markets may subject the Fund to greater volatility than investments in traditional securities. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. There are risks associated with the sale and purchase of call and put options through the Fund’s underlying investments. The use of derivative instruments could lead to potentially greater gains, as well as the potential for greater losses than a fund that does not use derivatives.