C000204431 Fees and Costs — Anfield Universal Fixed Income ETF
Data updated: 2026-06-29
The net expense ratio is 1.08%: a 0.75% management fee plus 0.33% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 16%.
C000204431 Fees and Expenses
Annual operating expenses and sales charges of C000204431. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.33% |
| Gross expense ratio | 1.08% |
| Fee waiver | — |
| Net expense ratio | 1.08% |
| 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 | No |
C000204431 Costs Over Time
On $10,000 invested in C000204431, assuming 5% a year before costs, total costs come to $674 over 5 years, cutting the return by 1.13% 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 1.08%) | $113 | $354 | $613 |
| Lost growth on money paid in costs | $0 | $18 | $62 |
| Total costs | $113 | $371 | $674 |
| Value after costs | $10,387 | $11,205 | $12,088 |
| Impact on return, per year | 1.13% | 1.13% | 1.13% |
C000204431 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $108.9M
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
C000204431 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOND POINT | $70.6M | 64.81% |
| JPMORGAN CHASE | $16.9M | 15.53% |
| RAYMOND JAMES AND ASSOCIATES INC | $16.5M | 15.19% |
| STIFEL NICOLAUS | $4.4M | 4.01% |
| BROWN BROTHERS & HARRIMAN (BBH) | $499K | 0.46% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.