Anfield U.S. Equity Sector Rotation ETF

Anfield U.S. Equity Sector Rotation ETF (AESR) is an actively managed fund of funds. It moves money among U.S. sector ETFs, plus a small slice of individual stocks, based on its adviser's reading of the economic cycle. What sets it apart is concentration: as of July 31, 2026, about a third of its assets sat in internet and semiconductor ETFs. It also charges a 0.97% expense ratio, and its one-year beta was 1.38, meaning bigger swings than the market.

• Over the year to Oct 27, 2026, AESR returned +13.5%, 1st of 8 among similar funds.
• Its 5-year annualized return was +12.6%.
• In the 2020 COVID crash it fell 30.9% and regained its old high 4.4 months after the low.
• Its worst full calendar year was 2022 (-17.5%); its best was 2024 (+25.4%).
• The deepest fall in its price history was 31.1% (Feb 14, 2020 to Mar 23, 2020), recovered by Aug 3, 2020.

As of Jul 31, 2026, the fund held 31 securities; the ten largest made up 83.49% of assets.

• Over the three months to Jul 31, 2026, investors withdrew a net $167.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +6.58%, +2.55%, -6.65%.

AESR does not track an index. Under normal conditions, it puts at least 80% of net assets into U.S. stocks. The prospectus defines these broadly enough to include other ETFs and mutual funds that hold U.S. stocks. The adviser uses what it calls a "macroeconomic and asset cycle" method. It combines top-down analysis of the economy with its own forecasting tools to rank sectors. It adds to sectors it expects to do well when the economy is strong. When conditions weaken, it can cut exposure or hold more cash.

The adviser sets weights by its outlook, not by company size, so the fund can lean heavily on a few sectors. It may rebalance quarterly or whenever market or economic conditions change materially. Portfolio turnover was 106%. That means the fund traded roughly the equivalent of its whole portfolio in a year, which adds trading costs.

In practice, AESR is mostly a fund of funds. As of July 31, 2026, 84.6% of assets were in other funds. The largest were ARK Next Generation Internet ETF (16.8%), iShares Semiconductor ETF (16.1%), SPDR S&P 500 ETF Trust (15.6%) and iShares U.S. Pharmaceuticals ETF (10.4%). The rest was in stocks such as Ross Stores and CSX. Holders take on the risks of those underlying funds. The fund may also buy options, including FLEX options (customizable exchange-traded contracts), and lend securities for extra income. It reported no derivative positions on that date.

• AESR charges 0.97% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
• Of that, 0.79% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $93 in the first year and $1,120 over 10 years (assuming a 5% annual return).

AESR makes concentrated, actively timed sector bets, and it has swung more than the market, so it fits better as a small add-on than as a foundation.

AESR could add a tactical, sector-tilted slice of U.S. stocks alongside a broad core fund. But it has been more volatile than the market, with a one-year beta of 1.38 as of October 27, 2026. It launched in December 2019, so it has no record from 2008. In the 2020 COVID crash it fell 30.9% and had recovered by August 3, 2020. In the 2022 bear market it dropped 25%, and it did not regain its peak until January 18, 2024. Its worst calendar year was 2022, at -17.42%. Anyone selling shares for spending money during a stretch like that would lock in losses. The fund pays once a year. Its trailing yield was 19.95% as of October 27, 2026, an unusually large payout that may not repeat. Costs come to $93 in the first year on $10,000 under the SEC example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by other buffer (defined-outcome) funds, largest first.