ETF Evaluator:
Anfield Universal Fixed Income ETF ()
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(as of Aug 26)
Best Performing in Multisector Bond Over the Last Year
| 7.3% | Eaton Vance Income Opportunities ETF (XAGG) |
| 7.1% | Bluemonte Diversified Income ETF (BLUI) |
| 7.0% | Rareview Dynamic Fixed Income ETF (RDFI) |
| 6.3% | FolioBeyond Enhanced Fixed Inc Prm ETF (FIXP) |
| 5.6% | Neuberger Flexible Credit Income ETF (NBFC) |
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ETF Details
Anfield Universal Fixed Income ETF Overview
Anfield Universal Fixed Income ETF (AFIF) is an actively managed Taxable Bond Multisector Bond exchange-traded fund (ETF). Anfield launched the ETF in 2018.
The investment seeks current income.
The fund is an actively managed exchange-traded fund ("ETF") that normally invests at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income instruments. The principal investments of the fund include corporate bonds, U.S. government and agency securities, master-limited partners ("MLPs") (tied to energy-related commodities), private debt, foreign sovereign bonds, convertible securities, bank loans, mortgage-backed securities, and cash equivalent instruments.
About Anfield Universal Fixed Income ETF (AFIF)
There are 4 members of the management team with an average tenure of 6.70 years: Cyrille Conseil (2018), Peter Van de Zilver (2018), Cameron Baxter (2023) and David Young (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Anfield Universal Fixed Income ETF has 329 securities in its portfolio. The top 10 holdings constitute 28.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Anfield Universal Fixed Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Anfield Universal Fixed Income ETF has 29.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 21.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 85.6% (56.4% domestic bond, 29.2% foreign bond and 1.1% convertible bond). Anfield Universal Fixed Income ETF has -4.3% of the portfolio in cash.
Assets Under Management
The fund has $276 million in total assets, which is below the $1 billion average for the Multisector Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AFIF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Anfield Universal Fixed Income ETF expense ratio is high compared to funds in the Multisector Bond category. Anfield Universal Fixed Income ETF has an expense ratio of 0.85%, which is 30% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Anfield Universal Fixed Income ETF has a portfolio turnover rate of 16%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 163% for the Multisector Bond category.
Recently, in the month of July 2026, Anfield Universal Fixed Income ETF returned -0.2%, which earned it a grade of A, as the Multisector Bond category had an average return of -0.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Anfield Universal Fixed Income ETF has a trailing yield of 3.76%, which is below the 5.63% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Anfield Universal Fixed Income ETF Grades
Year to date, the ETF has returned 1.5%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 4.2% over the past year (grade of C), 6.6% over the past three years (grade of C) and 3.7% per year over the past five years (grade of A).
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AFIF Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AFIF Return (NAV) | -0.2% | 0.5% | 4.2% | 6.6% | 3.7% | na |
| AFIF Return (Price) | -0.1% | 0.6% | 4.3% | 6.8% | 3.7% | na |
| NAV +/- Price Return | -0.027% | -0.021% | -0.077% | -0.168% | -0.004% | na |
| Multisector Bond Avg | -0.5% | 0.3% | 4.5% | 6.2% | 1.8% | 3.1% |
| AFIF Grade (NAV) | A | B | C | C | A | na |
| +/- Category (NAV) | 0.4% | 0.3% | -0.3% | 0.4% | 1.9% | na |
| AFIF Tax-Cost Ratio | na | na | 1.5% | 1.9% | 1.7% | na |
AFIF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AFIF Return (NAV) | 1.5% | 6.6% | 7.1% | 9.6% | -5.3% | -0.4% | 1.7% | 0.7% | na | na | na |
| AFIF Return (Price) | 1.6% | 6.6% | 7.1% | 9.7% | -5.4% | -0.5% | 2.2% | 0.4% | na | na | na |
| NAV +/- Price Ret | 0.087% | -0.001% | -0.000% | 0.015% | 0.020% | 0.408% | 0.305% | -46.6% | na | na | na |
| Multisector Bond Avg | 1.3% | 7.6% | 5.5% | 8.2% | -10.8% | 3.0% | 4.7% | 10.6% | -1.8% | 5.9% | 7.4% |
| AFIF Grade (NAV) | B | F | B | A | A | D | D | F | na | na | na |
| +/- Category | 0.2% | -1.1% | 1.6% | 1.3% | 5.6% | -3.4% | -3.0% | -10.0% | na | na | na |
| Risk Measures | |
| Beta: | 0.22 |
| R-Squared: | 55% |
| Standard Deviation: | 1.7% |
| Category Risk Index: | 0.36 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.14 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.8% |
| Total Assets: | $ 276 Mil |
| Share Class Assets: | $ 276 Mil |
| Turnover: | 16.0% |
| Expense Ratio: | 0.85% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 7.9 years | |||
| Average Tenure: 6.7 years | |||
| Managers (Year): Conseil Cyrille (2018), Van de Zilver Peter (2018), Young David (2018), Baxter Cameron (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 329 |
| % in Top 10 Holdings: | 28.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 29.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 21.9% |
| Domestic Bond: | 56.4% |
| Foreign Bond: | 29.2% |
| Convertible Bond: | 1.1% |
| Other: | -4.3% |
| Cash: | -4.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Anfield |
| Phone Number: | 855-754-7932 |
| Website: | www.horizonmutualfunds.com |
| Inception Date: | September 18, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.85% (Rating: High) |
| Category Average Expense Ratio (%): | 0.65% |
