BTAL ETF — Holdings & Analysis

Thematic Market Neutral Low Beta Index. BTAL stands out with its focus on constructing a dollar-neutral portfolio of long positions in low beta U.S. equities and short positions in high beta U.S. equities within sectors, offering a unique approach to managing market risk.

AGF U.S. Market Neutral Anti-Beta Fund (BTAL) ETF — Price, Holdings & Analysis

The AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is an alternatives ETF with $0.36 billion in assets under management. BTAL seeks to provide investment results that correspond generally to the price and yield performance of the Dow Jones U.S. Thematic Market Neutral Low Beta Index. BTAL stands out with its focus on constructing a dollar-neutral portfolio of long positions in low beta U.S. equities and short positions in high beta U.S. equities within sectors, offering a unique approach to managing market risk.

ETF Overview

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.

BTAL, managed by AGF, aims to deliver market-neutral returns by investing in U.S. equities with low beta characteristics while simultaneously shorting high beta equities within the same sectors. This strategy seeks to reduce overall market exposure and capitalize on the relative performance of low-volatility stocks versus high-volatility stocks. The fund constructs a dollar-neutral portfolio, primarily using securities from the Dow Jones U.S. Thematic Market Neutral Low Beta Index, which consists of the top 1,000 eligible U.S. securities by market capitalization, including REITs. The fund's top holdings include Lumentum Holdings Inc (0.98%), Moderna Inc (0.80%), and Micron Technology Inc (0.69%). Sector allocations are diverse, with significant exposure to Technology (17.2%), Financial Services (15.1%), and Industrials (14.8%). BTAL is designed for investors seeking to diversify their portfolios with an investment strategy that aims to provide returns uncorrelated to the broader market.

Risk Metrics

BTAL carries a few specific risks. Its expense ratio of 1.43% is significantly higher than the category average, which can create a substantial drag on performance over time. The fund's concentrated investment approach, focusing on low and high beta stocks within specific sectors, could lead to underperformance if those sectors experience adverse conditions. While the fund aims for market neutrality, its beta of -1.01 indicates an inverse correlation to the market, which can still result in losses if the market rises. Furthermore, the fund's country exposure is heavily weighted towards 'Other' at 69.6%, which may introduce additional risks depending on the specific countries included in that category. Past performance does not guarantee future results.

Expense Ratio

1.43%

What does BTAL hold?

Holding	Weight
Lumentum Holdings Inc (LITE)	0.98%
Moderna Inc (MRNA)	0.80%
Micron Technology Inc (MU)	0.69%
Pinnacle Financial Partners Inc (PNFP)	0.69%
Ciena Corp (CIEN)	0.68%
Western Digital Corp (WDC)	0.67%
Texas Pacific Land Corp (TPL)	0.66%
Coherent Corp (COHR)	0.65%
Entegris Inc (ENTG)	0.64%

How Is the Fund Allocated?

Sector	Weight
Technology	17.2%
Financial Services	15.1%
Industrials	14.8%
Consumer Cyclical	13.7%
Healthcare	10.9%
Real Estate	6.1%
Consumer Defensive	5.9%
Utilities	5.0%
Basic Materials	4.3%
Energy	3.9%
Communication Services	2.9%

Country	Weight
United States	29.7%
Bermuda	0.3%
Ireland	0.5%
Other	69.6%

Dividend Yield

0.00%

Virtus Real Asset Income ETF (VRAI) — 0.55% expense ratio
WisdomTree Private Credit & Alternative Income Fund (HYIN) — 4.34% expense ratio
Simplify Currency Strategy ETF (FOXY) — 0.81% expense ratio
WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) — 0.45% expense ratio
Simplify Bitcoin Strategy PLUS Income ETF (MAXI) — 1.00% expense ratio
ProShares - UltraShort Yen (YCS) — 0.95% expense ratio
Leatherback Long/Short Alternative Yield ETF (LBAY) — 1.27% expense ratio
iShares Ethereum Trust ETF (ETHA) — 0.25% expense ratio

Risk Metrics

Beta: -1.01

Questions & Answers

What is BTAL and what does it track?

BTAL, or the AGF U.S. Market Neutral Anti-Beta Fund, is an ETF that seeks to provide investment results that correspond generally to the price and yield performance of the Dow Jones U.S. Thematic Market Neutral Low Beta Index.

The fund invests primarily in long positions in low beta U.S. equities and short positions in high beta U.S.

What is the expense ratio for BTAL?

The expense ratio for BTAL is 1.43%. This means that for every $10,000 invested in the fund, $143 is deducted annually to cover the fund's operating expenses.

This expense ratio is significantly higher than the average expense ratio for alternative ETFs, which is around 0.44%. Investors should consider the impact of this higher expense ratio on their overall returns, especially over the long term, as it can erode potential gains.

What are the top holdings in BTAL?

As of 2026-03-15, the top holdings in BTAL are Lumentum Holdings Inc (0.98%), Moderna Inc (0.80%), and Micron Technology Inc (0.69%). Other significant holdings include Pinnacle Financial Partners Inc (0.69%) and Ciena Corp (0.68%).

These holdings reflect the fund's strategy of investing in a combination of long and short positions to achieve market neutrality.

Is BTAL a good long-term investment?

BTAL's suitability as a long-term investment depends on an investor's specific goals and risk tolerance. The fund's market-neutral strategy may provide diversification benefits and potentially reduce overall portfolio volatility.

However, the high expense ratio of 1.43% can detract from long-term returns. The fund's negative beta of -1.01 suggests it may perform inversely to the market.

How does BTAL compare to similar ETFs?

BTAL distinguishes itself from similar ETFs through its specific focus on market neutrality achieved by balancing long positions in low-beta stocks with short positions in high-beta stocks within the same sectors.

With an AUM of $0.36 billion, it's smaller than some of the larger alternative ETFs.

Does BTAL pay dividends?

According to the latest data, BTAL does not currently pay dividends. The fund's dividend yield is 0.00%. This is consistent with its investment strategy, which focuses on capital appreciation through market-neutral positioning rather than income generation.

Investors seeking dividend income may want to consider other ETFs that prioritize dividend payouts.