At a glance
ADFI charges 1.68% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $51.2M in assets, the 8th largest of that group; it paid 2.27% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −1.3% with distributions reinvested, the weakest of those 8 funds; over three years it returned +4.1% a year. At its worst it fell 13.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 36 months after the low. Its ten largest positions make up 90.1% of the fund, out of 31 in all.
The short version
ADFI is an actively managed bond ETF from Anfield Group. It works as a fund of funds, meaning it mostly owns other ETFs: about 82% of assets sat in other bond ETFs as of April 30, 2026, led by the iShares MBS ETF. Its manager can shift among mortgage, corporate, Treasury and loan-backed bonds, and up to half the fund can go into junk bonds. The drawback is cost: a 1.68% expense ratio that eats up much of its 2.27% trailing yield.
Price history
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ADFI -1.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ADFI official prospectus, to Dec 31, 2024 | — | +1.24% | — | — | — | -1.82% |
| Bloomberg U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses, or taxes) index, same period | — | +1.25% | — | — | — | -1.89% |
| Bloomberg Intermediate U.S. Aggregate Bond Index (Reflects no deduction for fees, expenses, or taxes) index, same period | — | +2.46% | — | — | — | -0.76% |
| ADFI price data to Oct 27, 2026 | -0.8% | -1.3% | +4.1% | -0.3% | — | -0.3% |
- Over the year to Oct 27, 2026, ADFI returned -1.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was -0.3%.
- Its worst full calendar year was 2022 (-11.5%); its best was 2023 (+6.7%).
- The deepest fall in its price history was 16% (Sep 14, 2021 to Oct 20, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.8% | — |
| 2025 | +5.3% | — |
| 2024 | +0.5% | +1.24% |
| 2023 | +6.7% | +6.47% |
| 2022 | -11.5% | -12.07% |
| 2021 | — | -2.84% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.8% over that stretch · deepest drop along the way 13.8%, back to its old high 35.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1200 | |
| 2025 | $0.2600 | 0.0% |
| 2024 | $0.2600 | +4.0% |
| 2023 | $0.2500 | +66.7% |
| 2022 | $0.1500 |
What's inside
As of Apr 30, 2026, the fund held 31 securities; the ten largest made up 90.07% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES MBS ETF | 30.99% | |
| ISHARES IBOXX IN | 17.48% | |
| ISHARES US TREAS | 13.73% | |
| JAN HEND AAA CLO | 10.00% | |
| ISHARES IBOXX HI | 9.70% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 5.84% | |
| ENBRIDGE INC Bonds and notes | 0.59% | |
| ALLY FINANCIAL INC Bonds and notes | 0.59% | |
| BANK OF AMERICA CORP Bonds and notes | 0.58% | |
| UNITED AIRLINES INC Bonds and notes | 0.58% | |
| ARES CAPITAL CORP Bonds and notes | 0.58% | |
| M&T BANK CORP Bonds and notes | 0.58% | |
| AMERICAN ELECTRIC POWER COMPANY INC Bonds and notes | 0.58% | |
| BAIN CAPITAL SPECIALTY FINANCE INC Bonds and notes | 0.57% | |
| DUKE ENERGY CORP Bonds and notes | 0.57% |
By country
United States 97.76%Canada 0.97%United Kingdom 0.39%By asset type
Stocks 81.9%Bonds and notes 17.23%What changed recently
- Over the three months to Apr 30, 2026, investors added a net $1.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.09%, -1.61%, +0.39%.
How it works
ADFI does not track an index. Its sub-adviser, Anfield Capital Management, decides what to own. The fund normally puts at least 80% of net assets into other, unaffiliated ETFs that hold almost any kind of debt: corporate and government bonds, mortgage- and asset-backed securities, bank loans, convertibles and foreign bonds. It can also buy these directly. It has no target duration, which is a measure of how sharply a bond's price reacts to rate changes. Junk bonds, meaning lower-rated and riskier debt, can make up as much as 50% of assets.
The manager pairs a top-down economic view with bottom-up research and says it leans toward preserving capital. It sells a holding when it hits a target or stop-loss price, when the thesis plays out or fails, or when better opportunities appear. There is no fixed rebalancing schedule. Turnover was 34%, but the prospectus allows more than 100%.
As of April 30, 2026, the top 10 positions made up 90% of assets. The largest were the iShares MBS ETF (31%), an iShares iBoxx investment-grade corporate bond ETF (17.5%), an iShares Treasury ETF (13.7%), the Janus Henderson AAA CLO ETF (10%) and an iShares iBoxx high-yield ETF (9.7%). The fund also held four Treasury futures contracts. Derivatives like these carry built-in leverage, which magnifies both gains and losses.
What it really costs
- ADFI charges 1.68% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.8% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.29% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $171 in the first year and $1,694 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ADFI | $171 | $468 | $788 | $1,694 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It is a bond fund that has moved very little with stocks, with a beta of 0.08 over the year to October 27, 2026.
ADFI could add a bond sleeve that barely tracks the stock market. Beta measures how much a fund moves with stocks, and ADFI's was 0.08 over the year to October 27, 2026. It still fell hard in the 2022 bond sell-off. It dropped 13.8% from January 3 to September 27, 2022, and took about 36 months to recover, until September 2025. Its deepest fall, 16% from a September 2021 peak, had not been recovered as of October 27, 2026. The fund launched after the 2008 and 2020 crashes, so it has no record for those. A retiree who had to sell in 2022 would have locked in losses. Income was a 2.27% trailing yield, paid quarterly, against a 1.68% expense ratio. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one manager to shift among mortgage, corporate, Treasury, CLO and high-yield bond ETFs instead of choosing bond funds themselves.
- Those seeking a bond holding with little link to stocks; its beta was 0.08 over the year to October 27, 2026.
- Holders comfortable with quarterly payouts and a 2.27% trailing yield, as of October 27, 2026, in exchange for active credit and sector calls.
Look elsewhere if
- Cost-focused investors: the 1.68% expense ratio adds up to $1,694 over 10 years on $10,000 in the SEC's standard example.
- Anyone looking for proof that active management pays: through 2024 it roughly matched the Bloomberg U.S. Aggregate Bond Index and trailed the intermediate version.
- Those who can't tolerate long bond slumps: it fell 16% from September 2021 to October 2022 and hadn't recovered as of October 27, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ADFI this fund | 1.68% | $51.2M | -1.3% | +4.1% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does ADFI pay monthly dividends?
No. ADFI pays distributions quarterly, not monthly. Over the 12 months to October 27, 2026, it paid about $0.19 per share, a trailing yield of 2.27%. That yield comes before you account for the fund's 1.68% expense ratio, which is already taken out of returns. Payouts can change from quarter to quarter because the fund's mix of bond ETFs and direct bonds changes as the manager shifts sectors.
What is ADFI's expense ratio?
ADFI's expense ratio is 1.68%, according to its prospectus filed November 28, 2025. That figure includes a 0.80% management fee, and the prospectus also lists a 0.29% fee waiver. Under the SEC's standard example, which assumes $10,000 invested with a 5% annual return, costs would be about $171 after one year, $788 after five years and $1,694 after 10 years. That is a large drag for a fund whose trailing yield was 2.27%.
How does ADFI compare to the Bloomberg Aggregate Bond Index?
Its results have been close to the index, before the index's zero costs are counted. As of December 31, 2024, ADFI returned 1.24% over one year, compared with 1.25% for the Bloomberg U.S. Aggregate Bond Index. Since inception it returned -1.82% a year, compared with -1.89% for the index and -0.76% for the Bloomberg Intermediate U.S. Aggregate Bond Index. Despite its flexible strategy, it has not clearly beaten the standard bond benchmark.
Is ADFI a junk bond fund?
Not mainly, though it can be up to 50% junk. As of April 30, 2026, its biggest holdings were a mortgage-backed bond ETF, an investment-grade corporate ETF, a Treasury ETF and a AAA-rated CLO ETF. About 9.7% sat in an iShares iBoxx high-yield ETF. It also held small direct positions in bonds from companies such as Enbridge, Ally Financial, Bank of America and United Airlines. Some of these are perpetual bonds, which have no maturity date.
How much did ADFI lose in 2022?
ADFI lost 12.07% in calendar 2022, according to its prospectus. That is its worst full year on record. Its worst quarter was a 5.88% drop in the three months to March 31, 2022. Rising interest rates pushed bond prices down across the market that year. Measured from January 3 to September 27, 2022, the fund fell 13.8%, and it didn't get back to its earlier level until September 2025.