AGF U.S. Market Neutral Anti-Beta Fund

Price: $19.59
Change: $0.48 (-0.02%)
Category: Long-Short
Last Updated:


Issuer AGF
Brand AGF
Structure ETF
Expense Ratio 1.54%
ETF Home Page Home page
Inception Sep 13, 2011
Index Tracked ACTIVE - No Index

Analyst Report

This ETF is part of a suite of “market neutral” products offered by QuantShares, a unique lineup of funds that has the potential to appreciate (or lose value) in any type of market. Because BTAL maintains equal long and short dollar positions, its performance is independent of the overall market; rather, it depends on how certain sub-sets (or factors) of the U.S. equity market perform relative to one another. As such, these securities can be used in a number of different ways. Since they should exhibit very low correlations to both stock and bond markets, some may see BTAL as a tool for smoothing out portfolio volatility—essentially a diversifying agent within traditional stock-and-bond portfolios. Others who believe the methodology has the potential to exploit market inefficiencies may see it as a means of generating alpha over both long and short time periods.

Specifically, BTAL is designed to capture the spread return between high beta and low beta stocks; the portfolio maintains long positions in low beta stocks and short positions in high beta stocks. As such, BTAL can be generally expected to perform well when the market declines and to struggle when markets are climbing. This strategy is certainly nothing new; investors have been implementing strategies designed to capture the spreads between asset classes or sub-classes for decades. But the availability of this strategy within the ETF wrapper is a new innovation; it gives investors an opportunity to access a technique that may be time consuming and quite expensive if implemented individually through a single ticker symbol that brings all the efficiencies of ETFs.

There are a couple interesting aspects of BTAL (and all QuantShares ETFs for that matter). The underlying portfolios are sector neutral, which ensures that the fund isn’t simply long in sectors that traditionally exhibit low betas (such as utilities) and short sectors that have high betas (such as technology); rather, BTAL consists of both long and short positions in each sector of the market. Moreover, individual positions are equal weighted, which ensures that no one stock will dominate either the long or short positions in the portfolio.

For investors who are seeking a low maintenance way to access this long/short strategy, BTAL could be an attractive option. This ETF could also be a useful tool for investors looking to bet on a market decline but unwilling to take on the significant risk that comes with a short-only strategy. BTAL should function as a tool to perform well in down markets, but with limited downside if stocks actually climb. The most significant drawback we see is the relatively high expense ratio. Because the underlying portfolio is market neutral, it would be reasonable to expect that long-term performance, before fees, should be close to zero. After taking out 80 basis points or so in expenses, that makes it likely that BTAL will lose money over the long haul, especially if markets trend upwards over the long run.

ETF Database Themes

Category Long-Short
Asset Class Alternatives
Region (General) North America
Region (Specific) U.S.

FactSet Classifications

Segment Alternatives: Hedge Fund Strategies
Category Hedge Fund Strategies
Focus Long/Short
Niche Market Neutral
Strategy Active
Weighting Scheme Proprietary

Trading Data

Open - Volume -
Day Lo - Day Hi -
  • Open
  • Volume
  • Day Lo
  • Day Hi
  • 52 Week Lo $17.70
  • 52 Week Hi $21.64
  • AUM $315.0 M
  • Shares 15.8 M

Historical Trading Data

  • 1 Month Avg. Volume 456,318
  • 3 Month Avg. Volume 362,061

Alternative ETFs in the ETF Database Long-Short Category

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest CSHI 0.38% $254.6 M 74,377 5.21%
Largest (AUM) XYLD 0.60% $2.8 B 508,263 9.16%
Most Liquid (Volume) XYLD 0.60% $2.8 B 508,263 9.16%
Top YTD Performer CLIX 0.65% $21.7 M 3,358 24.44%

Alternative ETFs in the FactSet Alternatives: Hedge Fund Strategies Segment

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest TYA 0.17% $49.8 M 29,047 -7.74%
Largest (AUM) FTLS 1.36% $811.9 M 76,287 14.52%
Most Liquid (Volume) DBMF 0.85% $795.1 M 459,839 -7.56%
Top YTD Performer CLSE 1.25% $31.3 M 8,584 15.88%

Top 15 Holdings

Concentration Analysis

This section compares how balanced and deep this ETF is relative to its peers.

Holdings Comparison

BTAL ETF Database Category Average FactSet Segment Average
Number of Holdings 399 224 119
% of Assets in Top 10 100.32% 77.40% 82.75%
% of Assets in Top 15 102.47% 83.14% 88.27%
% of Assets in Top 50 116.96% 96.97% 98.23%

Size Comparison

BTAL ETF Database Category Average FactSet Segment Average
Large (>12.9B) 9.74% 16.75% 4.04%
Mid (>2.7B) -5.03% 2.85% 0.57%
Small (>600M) -0.82% 1.16% 0.20%
Micro (<600M) 0.00% 0.11% 0.03%

BTAL Valuation

This section compares the P/E ratio of this ETF to its peers.

P/E Ratio
ETF Database Category Average
P/E Ratio
FactSet Segment Average
P/E Ratio

BTAL Dividend

This section compares the dividend yield of this ETF to its peers.

BTAL ETF Database Category Average FactSet Segment Average
Dividend $ 0.21 $ 0.52 $ 0.36
Dividend Date 2022-12-28 N/A N/A
Annual Dividend Rate $ 0.21 $ 1.07 $ 0.65
Annual Dividend Yield 1.06% 3.26% 2.45%

BTAL Price and Volume Charts

View charts featuring BTAL price and volume data.

BTAL Fund Flows Charts

View charts featuring ETF fund flow data.

5 Day Net Flows: -1.02 M 1 Month Net Flows: -7.29 M 3 Month Net Flows: 56.57 M 6 Month Net Flows: -71.1 M 1 Year Net Flows: -48.26 M 3 Year Net Flows: 209.76 M 5 Year Net Flows: 209.76 M 10 Year Net Flows: 209.76 M

BTAL Price vs Flows AUM Influence Charts

View charts that break down the influence that fund flows and price had on overall assets.

5 Day Net AUM Change: -9.73 M
1 Month Net AUM Change: -19.77 M
3 Month Net AUM Change: 79.95 M
6 Month Net AUM Change: -79.94 M
1 Year Net AUM Change: -71.68 M
3 Year Net AUM Change: 206.82 M
5 Year Net AUM Change: 206.82 M
10 Year Net AUM Change: 206.82 M

Realtime Rating

The adjacent table gives investors an individual Realtime Rating for BTAL on several different metrics, including liquidity, expenses, performance, volatility, dividend, concentration of holdings in addition to an overall rating. The "A+ Metric Rated ETF" field, available to ETF Database Pro members, shows the ETF in the Long-Short with the highest Metric Realtime Rating for each individual field. To view all of this data, sign up for a free 14-day trial for ETF Database Pro. To view information on how the ETF Database Realtime Ratings work, click here.

Metric Metric Realtime Rating A+ Metric Rated ETF
Liquidity A+ BTAL
Expenses C CSHI

A+ Overall Rated ETF:

BTAL Expenses & Fees

This section compares the cost efficiency of this ETF to its peers.

Expenses Ratio Analysis

Expense Ratio
ETF Database Category Average
Expense Ratio
FactSet Segment Average
Expense Ratio

Tax Analysis

Max ST Capital Gains Rate 39.60%
Max LT Capital Gains Rate 20.00%
Tax On Distributions Ordinary income
Distributes K1 No
ESG Themes and Scores

BTAL does not have an ESG score. There are no ESG themes that map to this ETF.

BTAL Performance

This section shows how this ETF has performed relative to its peers. Returns over 1 year are annualized.

BTAL ETF Database
Category Average
Factset Segment
1 Month Return -7.11% 3.17% 2.02%
3 Month Return 4.20% 1.31% 0.25%
YTD Return -7.64% 6.45% 1.51%
1 Year Return -4.15% 4.32% 0.75%
3 Year Return 0.58% 1.63% 1.68%
5 Year Return -1.20% 1.73% 0.76%

Geographic Exposure

The following charts reflect the geographic spread of BTAL's underlying holdings.

Holdings Analysis

The following charts reflect the allocation of BTAL's underlying holdings.

BTAL Technicals

Volatility Analysis

This section shows how the volatility of this ETF compares to the peer group ETF Database Category.

5 Day Volatility 46.55%
20 Day Volatility 14.36%
50 Day Volatility 14.07%
200 Day Volatility 14.96%
Beta -0.51
Standard Deviation 0.87%
5 Day Volatility
8 of 20

20 Day Volatility
5 of 20

50 Day Volatility
5 of 20

200 Day Volatility
4 of 20

20 of 20

Standard Deviation
10 of 20


  • 20 Day MA $20.49
  • 60 Day MA $20.27
  • MACD 15 Period -0.77
  • MACD 100 Period -0.07
  • Williams % Range 10 Day 96.87
  • Williams % Range 20 Day 98.14
  • RSI 10 Day 25
  • RSI 20 Day 37
  • RSI 30 Day 42
  • Ultimate Oscillator 34

Bollinger Bands

  • Lower Bollinger (10 Day) $19.79
  • Upper Bollinger (10 Day) $20.65
  • Lower Bollinger (20 Day) $19.80
  • Upper Bollinger (20 Day) $21.20
  • Lower Bollinger (30 Day) $19.90
  • Upper Bollinger (30 Day) $21.39

Support & Resistance

  • Support Level 1 $19.33
  • Support Level 2 $19.08
  • Resistance Level 1 $20.07
  • Resistance Level 2 $20.56


  • Stochastic Oscillator %D (1 Day) 37.16
  • Stochastic Oscillator %D (5 Day) 24.26
  • Stochastic Oscillator %K (1 Day) 39.41
  • Stochastic Oscillator %K (5 Day) 32.15


  • Tracking Difference Median (%) n/a
  • Tracking Difference Max Upside (%) n/a
  • Tracking Difference Max Downside (%) n/a
  • Median Premium Discount (%) -0.01
  • Maximum Premium Discount (%) 0.78
  • Average Spread (%) 3.07
  • Average Spread ($) 3.07

Financial Advisor Report

ETF Database's Financial Advisor Reports are designed as an easy handout for clients to explain the key information on a fund. Includes new analyst insights and classification data.

Fact Sheet

Fact sheets are issued by the ETF provider and framed by ETF Database. Information contained within the fact sheet is not guaranteed to be timely or accurate.

Data Lineage

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Analyst Report Authors

ETF Database analysts have a combined 50 years in the ETF and Financial markets, covering every asset class and investment style. The team monitors new filings, new launches and new issuers to make sure we place each new ETF in the appropriate context so Financial Advisors can construct high quality portfolios.


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