BTAL

AGFiQ U.S. Market Neutral Anti-Beta Fund
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70
*Unless otherwise stated, data provided by FactSet.

BTAL Fund Description

BTAL tracks an equal weighted index that takes long positions in low beta US stocks offset by short positions in high beta US stocks.

BTAL Factset Analytics Insight

BTAL works exclusively in the US equity space, going long low-beta stocks and short high-beta names. The fund’s market neutral approach explicitly aims for fully offsetting nominal long and short positions in contrast with some competing long/short ETFs that lean toward net long equity. The fund ranks stocks in each sector by beta and goes long bottom quintile and short top quintile. While individual stocks get equal weight, BTAL is sector-aware: sectors with greater long-only market cap get more long short exposure and vice versa. Overall, long low beta, short high beta might be expected to produce somewhat negative correlation to equities despite the equal dollar offsetting exposure.True market neutral exposure isn’t cheap, with borrowing costs and dividends working against the fund. While BTAL uses swaps at times, it typically takes direct short positions in stocks, rather than relying solely on derivatives for short exposure. The fund therefore reports short interest costs in its expense ratio—something that purely swaps-based long-short funds don’t have to do, although short interest expense hits the bottom line in either case.

BTAL CHARTS AND PERFORMANCE

Price Chart ($)
Total Return Chart (%)
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
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COMPARE
RESET
Select ETFs to compare their performance:
PERFORMANCE [as of 08/15/19] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
BTAL 8.74% 10.08% 9.14% 20.04% 3.58% 4.46% --
BTAL (NAV) 9.97% 11.19% 10.85% 20.13% 4.40% 4.64% --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

BTAL Summary Data

FQF Trust
AGFiQ
09/13/11
Open-Ended Fund
0.76%
$85.73M
$1.16M
0.24%

BTAL Portfolio Data

Long/Short Equity
0.35%
09/14/12
203

BTAL Index Data

Equal
Beta
N/A

BTAL Portfolio Management

0.76%
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BTAL Tax Exposures

20.00% / 39.60%
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Qualified dividends
No

BTAL Fund Structure

Open-Ended Fund
Yes
No
No Policy
N/A
N/A
Low
Daily
Cboe Book Viewer
TOP OF BOOK
LAST 10 TRADES
Bats BZX Real-time Quote -
Daily Spread
Premium/Discount
Volume

BTAL Factset Analytics Block Liquidity

As of 08/16/19
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of BTAL. BTAL is rated a N/A out of 5.

BTAL Tradability

51,020
$1.16M
37,652
$858.54K
0.24%
$0.05
0.11%
2.85% / -0.72%
None
100.00%
50,000
0.75
0.12%
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$24.37
N/A

BTAL Asset Allocation

Short
Long
Net
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0.00%

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0.00%

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0.00%

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0.00%

BTAL Top 5 Holdings Long

93.95%
0.92%
NVR, Inc. 0.58%

BTAL Top 5 Holdings Short

-81.28%

BTAL Performance Statistics

20.13%
8.53%
-3.80%
0.10
0.17
0.32
2.80

BTAL Correlations (DAILY RETURNS 12 MO)

-0.65
0.22
-0.32

Correlation (Rolling 30 Day, 12 Mo)