ETF Evaluator:
AGF U.S. Market Neutral Anti-Beta ()
Follow This ETF
(as of Aug 26)
Best Performing in Equity Market Neutral Over the Last Year
| -23.3% | Equity Market Neutral () |
| -23.3% | AGF U.S. Market Neutral Anti-Beta (BTAL) |
| 0.0% | Roundhill Ultra Shrt Dur No Div TrgtETF (XBOX) |
| 0.0% | Federated Hermes MDT Market Neutral ETF (MKTN) |
Risk
Index
Risk
Index
ETF Details
AGF U.S. Market Neutral Anti-Beta Overview
AGF U.S. Market Neutral Anti-Beta (BTAL) is an actively managed Alternative Equity Market Neutral exchange-traded fund (ETF). AGF Investments LLC launched the ETF in 2011.
The investment seeks to provide a consistent negative beta exposure to the U.S. equity market.
The fund will invest primarily in long positions in low beta U.S. equities and short positions in high beta U.S. equities on a dollar neutral basis, within sectors. It will construct a dollar neutral portfolio of long and short positions of U.S. equities by investing primarily in the constituent securities of the Dow Jones U.S. Thematic Market Neutral Low Beta Index in approximately the same weight as they appear in the index. The universe for the index is comprised of the top 1,000 eligible securities by market capitalization, including REITs.
About AGF U.S. Market Neutral Anti-Beta (BTAL)
There are 3 members of the management team with an average tenure of 12.16 years: William DeRoche (2011), Philip Lee (2013) and Josh Belko (2017). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and DJ US Thematic Mkt Neu Low Beta TR USD index with a weighting of 100%. AGF U.S. Market Neutral Anti-Beta has 405 securities in its portfolio. The top 10 holdings constitute 6.2% 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.
AGF U.S. Market Neutral Anti-Beta is part of the Alternative Strategies global asset class and is within the Alternative ETF group. AGF U.S. Market Neutral Anti-Beta has 0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 8.5% There is 0.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AGF U.S. Market Neutral Anti-Beta has 91.3% of the portfolio in cash.
Assets Under Management
The fund has $316 million in total assets, which is above the $254 million average for the Equity Market Neutral 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.
BTAL 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 AGF U.S. Market Neutral Anti-Beta expense ratio is high compared to funds in the Equity Market Neutral category. AGF U.S. Market Neutral Anti-Beta has an expense ratio of 1.40%, which is 21% higher than its category average, making the fund expense ratio grade a C. 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. AGF U.S. Market Neutral Anti-Beta has a portfolio turnover rate of 340%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 199% for the Equity Market Neutral category.
Recently, in the month of July 2026, AGF U.S. Market Neutral Anti-Beta returned 9.8%, which earned it a grade of A, as the Equity Market Neutral category had an average return of 5.1%. 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.
AGF U.S. Market Neutral Anti-Beta has a trailing yield of 2.91%, which is equal to the 2.91% category average.
The fund normally distributes its income annually 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.
AGF U.S. Market Neutral Anti-Beta Grades
Year to date, the ETF has returned -14.6%, 10.4 percentage points worse than the category, which translates into a grade of F. The fund has returned -23.3% over the past year (grade of A), -8.1% over the past three years (grade of A) and -4.0% per year over the past five years (grade of A) and -4.3% per year over the past 10 years (grade of A).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about AGF U.S. Market Neutral Anti-Beta, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
BTAL 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 |
|
| BTAL Return (NAV) | 9.8% | -1.7% | -23.3% | -8.1% | -4.0% | -4.3% |
| BTAL Return (Price) | 9.9% | -1.7% | -23.8% | -8.2% | -4.2% | -4.3% |
| NAV +/- Price Return | -0.050% | -0.019% | 0.447% | 0.113% | 0.138% | 0.012% |
| Equity Market Neutral Avg | 5.1% | 2.1% | -23.3% | -8.1% | -4.0% | -4.3% |
| BTAL Grade (NAV) | A | F | A | A | A | A |
| +/- Category (NAV) | 4.7% | -3.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| BTAL Tax-Cost Ratio | na | na | 1.0% | 1.6% | 1.0% | 0.6% |
BTAL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BTAL Return (NAV) | -14.6% | -20.6% | 13.0% | -14.8% | 20.9% | -7.3% | -13.8% | 1.7% | 15.1% | -2.8% | -4.7% |
| BTAL Return (Price) | -14.9% | -20.2% | 12.8% | -15.1% | 20.5% | -6.8% | -13.9% | 1.1% | 15.1% | -2.1% | -4.7% |
| NAV +/- Price Ret | 0.020% | -0.019% | -0.014% | 0.019% | -0.019% | -0.067% | 0.007% | -36.8% | 0.4% | -23.6% | 0.6% |
| Equity Market Neutral Avg | -4.2% | -20.6% | 13.0% | -14.8% | 20.9% | -7.3% | -13.8% | 1.7% | 15.1% | -2.8% | -4.7% |
| BTAL Grade (NAV) | F | A | A | A | A | A | A | A | A | A | A |
| +/- Category | -10.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Risk Measures | |
| Beta: | -0.95 |
| R-Squared: | 44% |
| Standard Deviation: | 18.1% |
| Category Risk Index: | 1.00 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.47 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 2.9% |
| Total Assets: | $ 317 Mil |
| Share Class Assets: | $ 317 Mil |
| Turnover: | 340.0% |
| Expense Ratio: | 1.40% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.9 years | |||
| Average Tenure: 12.2 years | |||
| Managers (Year): DeRoche William (2011), Lee Philip (2013), Belko Josh (2017) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 405 |
| % in Top 10 Holdings: | 6.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.2% |
Portfolio Allocation |
|
| Domestic Stock: | 8.5% |
| Foreign Stock: | 0.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 91.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | AGF Investments LLC |
| Phone Number: | 888-357-3715 |
| Website: | www.quant-shares.com |
| Inception Date: | September 13, 2011 |
Expenses and Fees
| Expense Ratio (%): | 1.40% (Rating: High) |
| Category Average Expense Ratio (%): | 1.16% |
