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BTAL
AGFiQ US Market Neutral Anti-Beta Fund

Price: $25.89
Change: $0.09 (-0.0%)
Category: Long-Short
Last Updated:

Vitals

Investment Themes

Trading Data

Open - Volume -
Day Lo - Day Hi -
  • Open
  • Volume
  • Day Lo
  • Day Hi
  • 52 Week Lo $20.66
  • 52 Week Hi $27.95
  • AUM $118.2 M
  • Shares 4.6 M

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.

Historical Trading Data

  • 1 Month Avg. Volume 421,788
  • 3 Month Avg. Volume 242,945

Alternative ETFs in the Long-Short Category

Type Symbol Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest QMJ 0.37% $9.5 M 0
Largest (AUM) QAI 0.80% $749.8 M 186,531 -8.28%
Most Liquid (Volume) QAI 0.80% $749.8 M 186,531 -8.28%
Top YTD Performer MOM 2.62% $2.9 M 8,366 24.55%

Top 15 Holdings

Concentration Analysis

This section compares how balanced and deep this ETF is relative to the peer group ETFdb.com Category.

374
Number of Holdings
120.24%
% Assets in Top 10
121.62%
% Assets in Top 15
130.56%
% Assets in Top 50
Number of Holdings
374

% Assets in Top 10
120.24%

% Assets in Top 15
121.62%

% Assets in Top 50
130.56%

Sector Breakdown

BTAL Valuation

This section shows how the P/E multiple of this ETF compares to the peer group ETFdb.com Category.

P/E Ratio
21.57

BTAL Dividend

This section shows how the dividend yield of this ETF compares to the peer group ETFdb.com Category.

Dividend
$0.20
Dividend Date
2019-12-27
Annual Dividend Rate
$0.20

$0.20
Dividend
2019-12-27
Dividend Date
$0.20
Annual Dividend Rate
Annual Dividend Yield
0.76%

BTAL Fund Flows

View charts featuring ETF fund flow data.

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 ETFdb 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 ETFdb Pro. To view information on how the ETFdb Realtime Ratings work, click here.

Metric Metric Realtime Rating A+ Metric Rated ETF
Liquidity B+ n/a
Expenses B- n/a
Performance
Volatility
Dividend
Concentration

A+ Overall Rated ETF:

BTAL Expenses & Fees

This section compares the cost efficiency of this ETF to peers in the same ETFdb.com Category.

Expenses Ratio Analysis

ETF Average
0.542%
ETF Wtd. Average
0.19%
Category Average
1.03%
Expense Ratio
2.11%
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 peer group ETFdb.com Category.

3.15%
1 Week Return
4.19%
4 Week Return
17.04%
13 Week Return
7.97%
26 Week Return
16.88%
Year to Date Return
23.72%
1 Year Return
32.75%
3 Year Return
30.44%
5 Year Return
1 Week Return
3.15%

4 Week Return
4.19%

13 Week Return
17.04%

26 Week Return
7.97%

Year to Date Return
16.88%

1 Year Return
23.72%

3 Year Return
32.75%

5 Year Return
30.44%

BTAL Charts

BTAL Technicals

Volatility Analysis

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

5 Day Volatility
60.00%
Rank
14 of 25

20 Day Volatility
21.76%
Rank
23 of 25

50 Day Volatility
18.10%
Rank
20 of 22

200 Day Volatility
14.34%
Rank
18 of 21

Beta
-0.69
Rank
21 of 21

Standard Deviation
1.21%
Rank
13 of 21

Technicals

  • 20 Day MA $25.70
  • 60 Day MA $23.97
  • MACD 15 Period 0.24
  • MACD 100 Period 2.48
  • Williams % Range 10 Day 17.50
  • Williams % Range 20 Day 60.95
  • RSI 10 Day 60
  • RSI 20 Day 61
  • RSI 30 Day 61
  • Ultimate Oscillator 63

Bollinger Brands

  • Lower Bollinger (10 Day) $24.66
  • Upper Bollinger (10 Day) $26.18
  • Lower Bollinger (20 Day) $24.72
  • Upper Bollinger (20 Day) $26.61
  • Lower Bollinger (30 Day) $23.16
  • Upper Bollinger (30 Day) $26.99

Support & Resistance

  • Support Level 1 $25.70
  • Support Level 2 $25.51
  • Resistance Level 1 $26.12
  • Resistance Level 2 $26.36

Stochastic

  • Stochastic Oscillator %D (1 Day) 60.71
  • Stochastic Oscillator %D (5 Day) 77.26
  • Stochastic Oscillator %K (1 Day) 63.72
  • Stochastic Oscillator %K (5 Day) 66.08

Fact Sheet

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

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