AGF U.S. Market Neutral Anti-Beta Fund
New York Stock Exchange ArcaRecent
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ROIC.AI
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- AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is an actively managed exchange-traded fund that seeks to provide consistent negative beta exposure to the U.S. equity market by taking long positions in low beta U.S. equities and short positions in high beta U.S. equities on a dollar-neutral basis within sectors. The fund targets the spread return between low volatility stocks, which exhibit below-average sensitivity to market movements, and high volatility stocks with above-average betas, enabling potential positive returns independent of overall market direction as long as low beta securities outperform high beta ones; it holds approximately 200 long and 200 short positions across diversified sectors including financials, industrials, information technology, consumer discretionary, health care, and others. BTAL serves institutional and retail investors seeking equity hedging, portfolio volatility reduction, and alternatives to Treasuries or low-volatility strategies, with operations focused exclusively on U.S. public equity markets. Launched on September 13, 2011, and listed on NYSE Arca, the fund is managed by AGF Investments LLC, a U.S.-registered investment adviser and subsidiary of AGF Management Limited, with principal offices in the United States. Effective February 14, 2022, BTAL transitioned from a passive strategy tracking the Dow Jones U.S. Thematic Market Neutral Low Beta Index to its current active, rules-based approach, altering prior performance characteristics. Additionally, the fund was renamed from AGFiQ U.S. Market Neutral Anti-Beta Fund to its present name on January 27, 2023. The investment adviser has contractually capped operating expenses at 0.45% of average net assets through at least November 1, 2027, with an adjusted expense ratio excluding certain variable costs like short-sale dividends. As of November 30, 2025, net assets stand at approximately $365 million, with key portfolio metrics including a long-side average beta of 0.61, price/earnings ratio of 21.74, and price/book ratio of 3.68.
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