AGF U.S. Market Neutral Anti-Beta Fund

BTALAGFAlternatives
Expense ratio1.25%
Net assets$282.9M
Holdings403
Yield (TTM)2.77%
1 week-0.3%
1 month+9.1%
3 months+6.7%
6 months+5.1%
YTD-9.7%
1 year-10.1%
3 years*-11.4%
5 years*-2.4%
10 years*-3.4%

Total returns with distributions reinvested; * a year. Prices as of Oct 27, 2026 · filings through Jun 30, 2026 · page updated Nov 3, 2026

At a glance

BTAL charges 1.25% a year, above the 0.32% average of the 2 funds most like it (the most expensive of 3). It has $282.9M in assets, the 2nd largest of that group; it paid 2.77% of its price in distributions over the past 12 months, annual. Over the past year it returned −10.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds; over three years it returned −11.4% a year. At its worst it fell 4.4% in the 2020 crash (S&P 500: 33.7%) and 15.4% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 5.1% of the fund, out of 403 in all.

The short version

AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is an actively managed ETF. It owns low-beta (steadier) U.S. stocks and sells short high-beta (more volatile) ones in equal dollar amounts, guided by a Dow Jones index. It aims to move opposite the stock market, and it gained 20.9% in 2022. But it charges 1.25% a year, and it lost money over the five and ten years through December 31, 2025.

Price history

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BTAL -10.1% over the year to Oct 27, 2026, total return with distributions reinvested.

Prices through Oct 27, 2026. Total return: the price with distributions reinvested.

How it has behaved

Volatility (1 year)23.6%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-29.2%3 years: -47.8% · all history: -52.7%
Beta vs S&P 500-1.43moves less than the market
Sharpe ratio (1 year)-0.60return above cash per unit of risk
Since launch-3.2%a year over 15.1 years
Total over 5 years-12%10 years: -29%
52-week range$10.92 – $15.81
Last price $12.99 on Oct 27, 2026, 17.8% below the 52-week high · above its 200-day average ($12.72).
YTD1 yr3 yr5 yr10 yrSince start
BTAL official prospectus, to Dec 31, 2025—-20.60%—-3.06%-2.21%—
BTAL price data to Oct 27, 2026-9.7%-10.1%-11.4%-2.4%-3.4%-3.2%
Multi-year figures are annualized total returns with distributions reinvested. "Official" figures are the SEC-standard returns from the fund's prospectus; the price-data row is computed from daily prices.
  • Over the year to Oct 27, 2026, BTAL returned -10.1%, 3rd of 3 among similar funds.
  • Its 5-year annualized return was -2.4% and its 10-year -3.4%.
  • In the 2020 COVID crash, while stocks fell, it gained 8.9%.
  • Its worst full calendar year was 2025 (-20.2%); its best was 2022 (+20.5%).
  • The deepest fall in its price history was 52.7% (Mar 12, 2020 to Jun 22, 2026), not yet recovered.
-7%2012-14%20139%20140.1%2015-5%2016-2%201715%20181%2019-14%2020-7%202120%2022-15%202313%2024-20%2025-10%2026*
-2%201715%20181%2019-14%2020-7%202120%2022-15%202313%2024-20%2025-10%2026*
Calendar-year total returns from price data, distributions reinvested. * 2026 is year to date. From the prospectus: best quarter +18.48% (Jun 30, 2022), worst -19.03% (Dec 31, 2020).
Show as a table
YearPrice dataProspectus (official)
2026 (to date)-9.7%—
2025-20.2%-20.60%
2024+12.8%+12.99%
2023-15.1%-14.85%
2022+20.5%+20.90%
2021-6.8%-7.33%
2020-13.9%-13.76%
2019+1.1%+1.71%
2018+15.1%+15.05%
2017-2.1%-2.79%
2016-4.7%-4.73%
2015+0.1%—
2014+8.7%—
2013-13.8%—
2012-7.0%—
2008 financial crisis
stocks fell Oct 9, 2007 – Mar 9, 2009
Before this security existed
2020 COVID crash
stocks fell Feb 19, 2020 – Mar 23, 2020
Gained 8.9% over that stretch · deepest drop along the way 4.4%, not recovered by the end of the data
2022 bear market
stocks fell Jan 3, 2022 – Oct 12, 2022
Gained 16.6% over that stretch · deepest drop along the way 15.4%, back to its old high 23.7 months after the low

Dividends and income

Yield (last 12 months)2.77%distributions ÷ price
Paid in the last 12 months$0.36per share, split-adjusted
How oftenannual 
Latest payment$0.3600Dec 30, 2025
$0.002012$0.092018$0.202019$0.212022$1.042023$0.642024$0.362025
$0.002012$0.092018$0.202019$0.212022$1.042023$0.642024$0.362025
Distributions per share by calendar year, adjusted for a share split. * 2026 to Oct 27, 2026.
Show as a table
YearPer shareChange
2025$0.3600-43.8%
2024$0.6400-38.5%
2023$1.0400+395.2%
2022$0.2100+5.0%
2019$0.2000+122.2%
2018$0.0900+8900.0%
2012$0.0010
Distributions through Oct 27, 2026.

What's inside

As of Jun 30, 2026, the fund held 403 securities; the ten largest made up 5.09% of assets.

HoldingWeight
Okta, Inc.0.63%
Molina Healthcare, Inc.0.53%
Rivian Automotive, Inc.0.51%
Cardinal Health, Inc.0.51%
AbbVie, Inc.0.50%
Simpson Manufacturing Co., Inc.0.49%
Cloudflare, Inc.0.48%
DaVita, Inc.0.48%
Lucid Group, Inc.0.48%
Teledyne Technologies, Inc.0.48%
CCC Intelligent Solutions Holdings, Inc.0.47%
Travelers Cos., Inc. (The)0.47%
Progressive Corp. (The)0.47%
Allstate Corp. (The)0.47%
Cognex Corp.0.47%

By country

United States 2.71%Ireland 1.09%Bermuda 0.72%Switzerland 0.39%Guernsey 0.33%

By asset type

Stocks 2.79%Other 0%
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.

What changed recently

  • Over the three months to Jun 30, 2026, investors withdrew a net $51.3M (creations minus redemptions, per the N-PORT report).
  • Monthly total returns reported for that quarter: -10.47%, -7.93%, -2.78%.

How it works

BTAL starts with the 1,000 largest eligible stocks in the Dow Jones U.S. Index, including REITs. It sorts them into the 11 GICS sectors. Within each sector, the Dow Jones U.S. Thematic Market Neutral Low Beta Index picks about the 20% of stocks with the lowest beta to own and the 20% with the highest beta to short. Beta measures how much a stock moved compared with the S&P 500 over the past 52 weeks. Shorting means borrowing a stock and selling it, in the hope of buying it back cheaper. Each side is equal-weighted. As of June 30, 2026, the fund had 403 holdings, and the ten largest made up just 5.09% of assets.

Each quarter the index resets to dollar neutrality, meaning equal dollar amounts long and short. BTAL is actively managed, so it doesn't have to match the index. AGF may adjust positions if a rebalance would add unwanted exposures such as momentum. It must cut gross leverage if the fund's value at risk goes over regulatory limits, and it may also cut leverage as the fund nears them. The fund also uses total return swaps. Portfolio turnover was 295%.

Returns depend on the gap between the two sides. When steady stocks beat volatile ones, the fund gains. When high-beta stocks lead a rally, it loses. In theory, losses on a short position have no limit.

What it really costs

  • BTAL charges 1.25% a year, versus an average of 0.32% for the similar funds below (3rd of 3, cheapest first).
  • Of that, 0.45% is the management fee; the rest covers other fund expenses.
  • The fee includes a 0.28% waiver from the adviser, which may end.
  • Using the prospectus's standard example, $10,000 invested would cost about $127 in the first year and $1,748 over 10 years (assuming a 5% annual return).
Cost of $10,000 (SEC example)1 yr3 yrs5 yrs10 yrs
BTAL$127$397$750$1,748
SEC standard example: $10,000 invested, 5% annual return, shares sold at the end of each period.

In a retirement portfolio

RoleInflation or crisis hedge

BTAL is built for a negative beta to U.S. stocks, and it gained during both the 2020 crash and the 2022 bear market.

BTAL could act as a hedge for the stock side of a portfolio. It gained 8.9% while the market fell from its February 19 peak to its March 23 low in 2020. It rose 16.6% during the 2022 bear market. The cost of that protection is long stretches of losses. The fund lost 20.6% in 2025, its worst calendar year. From March 12, 2020 to June 22, 2026 it fell 52.7%, and it had not recovered as of October 27, 2026. Its one-year beta of -1.43 means it often falls when stocks rise. So in a strong year for stocks, cashing out of this fund may mean taking a loss. It pays once a year, with a 2.77% yield, and costs 1.25% a year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

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Who it may suit — and who should look elsewhere

May suit

  • Investors who want an offset to stock losses. The one-year beta was -1.43, and the fund gained 20.9% in 2022 as stocks fell.
  • Those who would hold it as a small slice and stick with it through long losing stretches, like the 52.7% drop since March 2020.
  • People who want a rules-based approach spread across 403 small positions, where no single holding tops about 0.6% of assets.

Look elsewhere if

  • Cost-conscious investors. The 1.25% expense ratio is far above the 0.32% average of the similar funds compared here.
  • Anyone seeking long-term growth. It returned -2.21% a year over the ten years through 2025, and it tends to lag in bull markets.
  • Income seekers who need regular payouts. It pays only once a year, and its 2.77% yield came with a 10.1% one-year loss.

Close alternatives

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).

FundOverlapCostNet assets1 yr3 yr
BTAL this fund—1.25%$282.9M-10.1%-11.4%
SIXL ETC 6 Meridian Low Beta Equity ETF22%0.47%$204.2M+11.0%+12.1%
JPUS JPMorgan Diversified Return Use Equity7%0.18%$457.6M+16.3%+19.0%
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.

Questions investors ask

Is BTAL a good hedge against a stock market crash?

It has helped in some sell-offs, but not every time and not without cost. BTAL gained 8.9% during the 2020 COVID crash and 20.9% in 2022. Yet it still lost 13.76% in calendar 2020, and its worst quarter (-19.03%) came at the end of that year as stocks rallied. It works by owning steady stocks and shorting volatile ones, so it tends to lose when risky stocks lead the market.

What is BTAL's expense ratio?

BTAL's expense ratio is 1.25%, according to its prospectus filed October 27, 2026. The management fee is only 0.45%, so other costs make up most of the total. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs would come to about $127 after one year, $750 after five years and $1,748 after ten. The similar funds compared here average 0.32%.

Does BTAL pay dividends?

Yes, but only once a year. Over the 12 months through October 27, 2026, BTAL paid $0.36 per share, a trailing yield of 2.77%. Income isn't the fund's purpose. It is built to move opposite the stock market. Over the same 12 months the fund lost 10.1%, more than wiping out what the payout added.

Why has BTAL lost so much money?

BTAL loses when volatile, high-beta stocks beat steady ones, which often happens in strong rallies. It fell 14.85% in 2023 and 20.6% in 2025 as those stocks led the market. As of October 27, 2026, it had lost 11.4% a year over three years. From its March 12, 2020 peak to June 22, 2026, it fell 52.7%, and it had not recovered by October 27, 2026.

What's the difference between BTAL and SIXL?

They work in very different ways. SIXL, the ETC 6 Meridian Low Beta Equity ETF, focuses on low-beta stocks and charges 0.47%. BTAL charges 1.25% and also shorts high-beta stocks, which makes it more likely to move opposite the market. The two share only 22% of their holdings. As of October 27, 2026, SIXL returned 11% over one year, while BTAL lost 10.1%.

Sources

  • 485BPOS prospectus (risk/return XBRL), filed Oct 27, 2026 — SEC EDGAR
  • N-PORT holdings report, filed Aug 19, 2026 — SEC EDGAR
  • Prices: daily prices and distributions through Oct 27, 2026

For education only, not investment advice. Past performance does not predict future results.