Anfield Capital Management LLC

ITEM 5 - FEES AND COMPENSATION
Investment Advisory Fees

Separate Account Management
We base our fees on a percentage of assets under management. The typical annual fee for separate
account management services is often payable quarterly in advance as a percentage of assets under
management (AUM), based on the following schedule example (fees may be more or less than listed
herein based solely upon Anfield’s discretion):

Total Yield & Core Fixed Income:                         35 bps

Balanced Strategies:                                     45 bps

Diversified Equity (100% equity):                        55 bps

Diversified Liquid Alternatives:                         55 bps

For separate account management, with client authorization, Anfield will instruct the custodian to
automatically withdraw our advisory fee from the client’s account (although Anfield will invoice the
client rather than deducting fees if requested). Clients will receive brokerage statements from the

Anfield Capital Management, LLC Brochure            8                                   December 31, 2025

custodian no less frequently than quarterly. The custodian statement will show the deduction of the
advisory fee.

Investment Management as a Sub-Adviser

For investment management services to financial intermediaries where Anfield acts as a sub-adviser, the
investment adviser that retains Anfield as sub-adviser typically pays us. Sub-advisory fees may be in the
range of 10-35bps, depending on the level of service. In this typical case the underlying client pays a fee
to the investment adviser which Anfield does not control. The client does not generally pay a fee directly
to Anfield, the financial intermediary pays Anfield for its service to the firm as a whole. However, on
occasion, the investment adviser may instruct Anfield as sub-adviser to bill such sub-advisory fee directly
at the client and custodial level, which would be clearly agreed by and disclosed to the underlying sub-
advisory client prior to doing so. Either way, clients will receive brokerage statements from the
custodian no less frequently than quarterly that will show the deduction of any advisory fees.

Anfield reserves the right to negotiate all fees and terms with clients. Lower fees for comparable
services may be available from other sources. Client and client’s immediate family accounts may be
aggregated for fee breakpoint purposes. At Anfield’s discretion, advisory services may be provided
without charge to employees and their family members. Investment management fees are based on the
market value of assets in the account on the last business day of the previous quarter. At the inception
of the account, the fee will be prorated for the remainder of the current billing period and will be based
on the value of the account as of the date when the majority of assets are transferred.

Non-discretionary accounts will be charged a fee as agreed between Anfield and the client. Such fee will
generally not exceed those fees charged for discretionary accounts, unless the agreed to service include
additional elements.

Consulting Services
Fees for Anfield’s customized consultation regarding economic and market outlook, investment
strategy, and security selection are charged depending on the nature of the assignment:

Project consulting with a specific deliverable such as an economic outlook, portfolio strategy or financial
plan will be charged a fee as agreed between ACM and the client. Project consulting fees will generally
vary over a wide range depending on the scope of the services provided.

Speaking honoraria and travel expenses are negotiated on a case-by-case basis and payable in advance.

Adviser to Registered Investment Companies
The fees Anfield receives for providing investment management services to the Anfield Funds and the
Anfield ETFs are in addition to those fees listed above and are outlined in the written advisory
agreement. The fees are disclosed and described in each fund’s prospectus.

Anfield Capital Management, LLC Brochure             9                                   December 31, 2025

Other Fees and Expenses
Anfield’s fees do not include custodian fees. Clients pay all brokerage commissions, stock transfer fees,
margin charges, foreign exchange and settlement fees, and/or other charges incurred in connection with
transactions in accounts, from the assets in the account. These charges are in addition to the fees client
pays to ACM. See Item 12 - Brokerage Practices below for more information on the factors that we
consider in selecting or recommending broker-dealers for client transactions and determining the
reasonableness of their compensation.

All fees paid to Anfield for investment management services are separate and distinct from the fees and
expenses charged by the broker-dealers used for the transactions, and the fees incorporated into the
securities themselves, such as mutual funds or ETFs.

In addition, any mutual fund shares held in a client’s account might be subject to deferred sales charges,
12b-1 fees, early redemption fees, and other fund-related expenses. The fund’s prospectus fully
describes the fees and expenses. Mutual funds pay advisory fees to their managers, which are indirectly
charged to all holders of the mutual fund shares. Consequently, clients with mutual funds in their
portfolios are effectively paying both Anfield and the mutual fund manager for the management of their
assets.

Termination
Accounts may be terminated in accordance with the provisions set forth in the agreement – at any time
by written notice. Terminated accounts are credited the pro-rata unearned portion of fees for the
quarter of termination only upon request from the client.

Anfield considers project consulting services to be complete, and the agreement terminated upon
delivery of the agreed upon project. In the event that either the client or ACM wishes to terminate the
...

ITEM 7 - TYPES OF CLIENTS
Anfield provides discretionary and non-discretionary investment management services to investment
advisers, banks, trust companies, registered investment companies (mutual funds and ETFs), and in
select cases to private and institutional clients, including: individuals, high net worth individuals, pension
and profit sharing plans, trusts, and estates. We also offer services to charitable organizations,
corporations and other business entities. Client relationships vary in scope and length of service.

Generally, ACM requires individually managed account clients to maintain a minimum account size of $1
million. We may combine family accounts to meet the account size minimum. We aggregate sub-
advisory assets by adviser when applying the account size minimum. Anfield may reduce or waive the
account minimum requirements at our discretion.