Expense Ratio History

ADFI expense ratio history

Anfield Dynamic Fixed Income ETF

Fund company
TWO Roads Shared
Type
ETF

1.39%

In basis points
139 basis points
Yearly cost per $10,000
$139
Prospectus dated
30 November 2025, filed with the SEC; rounded to 0.01%
Last change
Cut from 1.65% on 30 November 2025

Fee over time

ADFI expense ratio: 1.99% until 30 Nov 2021, then 3.22%; 3.22% until 30 Nov 2022, then 2.24%; 2.24% until 30 Nov 2023, then 2.08%; 2.08% until 30 Nov 2024, then 1.65%; 1.65% until 30 Nov 2025, then 1.39%; read at 1.39% on 30 Nov 2025.0.00%2.00%4.00%6.00%Nov 2019Dec 2020Jan 2022Feb 2023Mar 2024Apr 20251.99% before1.39% from 30 Nov 2025
ADFI expense ratio: 1.99% until 30 Nov 2021, then 3.22%; 3.22% until 30 Nov 2022, then 2.24%; 2.24% until 30 Nov 2023, then 2.08%; 2.08% until 30 Nov 2024, then 1.65%; 1.65% until 30 Nov 2025, then 1.39%; read at 1.39% on 30 Nov 2025.0.00%2.00%4.00%6.00%Nov 2019Dec 2021Jan 20241.99% before1.39% from 30 Nov 2025
Solid line: the fee in effect after each recorded change. Dashed: the fee before it. Dots: prospectuses filed with the SEC and dates we read the fee from a source.

Every figure we've recorded

DateFeeWhat happened
30 Nov 2025 1.39% In the prospectusTotal annual fund operating expenses in the prospectus dated 2025-11-30 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
30 Nov 2025 1.39% Cut from 1.65% to 1.39%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2025-11-28
30 Nov 2024 1.65% In the prospectusTotal annual fund operating expenses in the prospectus dated 2024-11-30 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
30 Nov 2024 1.65% Cut from 2.08% to 1.65%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2024-11-27
30 Nov 2023 2.08% In the prospectusTotal annual fund operating expenses in the prospectus dated 2023-11-30 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
30 Nov 2023 2.08% Cut from 2.24% to 2.08%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2023-11-28
30 Nov 2022 2.24% In the prospectusTotal annual fund operating expenses in the prospectus dated 2022-11-30 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
30 Nov 2022 2.24% Cut from 3.22% to 2.24%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2022-11-28
30 Nov 2021 3.22% In the prospectusTotal annual fund operating expenses in the prospectus dated 2021-11-30 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
30 Nov 2021 3.22% Raised from 1.99% to 3.22%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2021-11-29
19 Mar 2021 1.99% In the prospectusTotal annual fund operating expenses in the prospectus dated 2021-03-19 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
17 Nov 2019 1.99% In the prospectusTotal annual fund operating expenses in the prospectus dated 2019-11-17 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS

What this fee costs

Change the amount, years or return. The estimate keeps the fee at 1.39% and the return steady each year, the same assumptions as the cost example in a fund's prospectus.

$1,677 in fees over 10 years

After fees, $10,000 grows to $14,209.

Fees paid on $10,000 at 5% a year
AfterFees paid
1 year$142
3 years$443
5 years$765
10 years$1,677

How we read this figure

The figure is the total annual fund operating expenses line of the fee table in the fund's prospectus, as tagged in the fund company's filing with the SEC. The SEC publishes these figures rounded to four decimal places, so 0.015% appears as 0.02%. The fund company's own page may show a more precise number.

SEC filings give 7 prospectuses for this share class since 2019. Each one is listed above with a link to the filing.

How we read fees

More TWO Roads Shared funds

The cheapest of 13. All TWO Roads Shared funds.