Anfield Universal Fixed Income ETF

Anfield Universal Fixed Income ETF (AFIF) is an actively managed bond fund that seeks current income. It mixes corporate bonds, preferred stock, bank loans, collateralized loan obligations and Treasury bills, and it can hold up to 50% in junk bonds. It pays monthly, with a trailing 12-month yield of 4.1% as of October 27, 2026. Its 0.85% expense ratio is far above the 0.10% average of similar funds.

• Over the year to Oct 27, 2026, AFIF returned +2.4%, 3rd of 8 among similar funds.
• Its 5-year annualized return was +3.6%.
• In the 2020 COVID crash, while stocks fell, it gained 0.2%.
• Its worst full calendar year was 2022 (-5.5%); its best was 2023 (+9.7%).
• The deepest fall in its price history was 10.5% (Mar 9, 2020 to Oct 13, 2022), recovered by Dec 5, 2023.

As of Aug 31, 2026, the fund held 333 securities; the ten largest made up 20.46% of assets.

The bonds mature in 8.5 years on average (weighted by size), with an average coupon of 5.19%.

• Over the three months to Aug 31, 2026, investors withdrew a net $152.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.22%, -0.17%, +0.50%.

AFIF does not track an index. Its manager at Anfield Group picks holdings directly and keeps at least 80% of net assets in fixed income, meaning bonds and other debt that pay fixed or floating interest. The prospectus gives wide latitude. The fund can hold corporate and government bonds, preferred securities, bank loans, CLOs (bundles of corporate loans split into layers by risk), mortgage-backed securities, foreign government bonds, convertibles and energy-linked MLPs. It has no target maturity or duration (a measure of how sensitive a bond is to interest rates). Up to 50% can sit in below-investment-grade, or ‘junk,’ bonds.

Selection combines a top-down view of the economy with research on each issuer. That research covers the issuer’s finances, how the security is priced against similar ones, and supply and demand. The manager favors issuers with stable or improving fundamentals, such as secured bank loans and high-yield bonds. A holding is sold when it no longer fits or something better turns up. Portfolio turnover was a modest 16%.

As of August 31, 2026, the fund held 333 securities. By type, 48% were bonds and notes, 21% preferred stock, 19% bank loans and 13% CLOs. The largest positions were a US Treasury bill at 3.3% and Electricite de France bonds at 2.3%. The fund may also sell short, buy options, including customizable FLEX options, and lend securities for extra income. It usually pays redemptions in cash, which can trigger capital gains distributions.

• AFIF charges 0.85% a year, versus an average of 0.1% for the similar funds below (8th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).

AFIF pays monthly and aims for current income from a mix of corporate bonds, preferred stock, bank loans and CLOs.

AFIF could serve as an income holding. It pays monthly, and its trailing 12-month yield was 4.1% as of October 27, 2026. Its record shows a bond fund like this can still fall sharply. It launched in 2018, so there is no 2008 record. In the 2020 COVID crash it fell 9.4% in nine days in March 2020 and did not regain that peak until December 2023. It lost 5.28% in 2022, its worst calendar year. Its deepest drop, 10.5%, ran from March 2020 to October 2022 and took about 14 months from the low to recover. Someone selling shares for spending money during that stretch would have locked in losses.

Cost also eats into income. The SEC’s standard example puts expenses at $87 in the first year and $1,049 over 10 years on $10,000. Past results don’t predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).