ADFI Fees and Costs — Anfield Dynamic Fixed Income ETF
Data updated: 2026-06-29
The net expense ratio is 1.68%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $9K in broker commissions, 0.0188% of average net assets, and portfolio turnover was 34%.
ADFI Fees and Expenses
Annual operating expenses and sales charges of ADFI. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.41% |
| Gross expense ratio | 1.39% |
| Fee waiver | −0.29% |
| Net expense ratio | 1.68% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
ADFI Costs Over Time
On $10,000 invested in ADFI, assuming 5% a year before costs, total costs come to $1,048 over 5 years, cutting the return by 1.78% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.68%) | $176 | $546 | $941 |
| Trading costs (broker commissions) | $2 | $6 | $11 |
| Lost growth on money paid in costs | $0 | $27 | $97 |
| Total costs | $178 | $580 | $1,048 |
| Value after costs | $10,322 | $10,996 | $11,715 |
| Impact on return, per year | 1.78% | 1.78% | 1.78% |
ADFI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0188%
- Total broker commissions: $9K
- Bought from dealers (principal trades, not a cost): $6.2M
- Portfolio turnover (prospectus): 34%
- Securities lending: none during the year
ADFI Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| VIRTU FINANCIAL | $9K | 100.00% |
ADFI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jane Street | $3.0M | 48.11% |
| VIRTU FINANCIAL | $2.3M | 37.88% |
| JP Morgan Chase | $644K | 10.47% |
| Bank of America Merrill Lynch | $218K | 3.54% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.