IQ

BTAL AGF U.S. Market Neutral Anti-Beta Fund

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$13.08
−0.4% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Nov 4, 2026, BTAL lost 11.5%, against 14.8% for VOO.

Why did BTAL return −39.5% from Sep 2011 to Oct 2026, against VOO’s +774.4%?Is a 1.25% fee low for a fund like BTAL?What do BTAL’s net flows of +$252m over the 3 years to Jun 30, 2026 mean?
Market neutral fund: owns stocks it expects to do well and sells short about as much in stocks it expects to lagAGF Investments ↗Expense ratio 1.25%Fund assets $283m net assets, latest filing (Jun 30, 2026)First traded Sep 13, 2011Benchmark S&P 500 Index, measured by VOO, which tracks the same indexSEC filings ↗Dividend history

Promise check: MissedIn the 52 weeks to Nov 4, 2026, BTAL's weekly correlation with the S&P 500 was −0.74.

Compare with…Trading costsPut to the committeeaskIQ about BTALAdd to portfolioFlowsAlerts

BTAL risk and return scorecard

vs VOO · Sep 2011 to Oct 2026 · 788 weekly returns · dividend-adjusted

15.1 years
BTAL −39.5%, VOO +774.4%, Sep 2011 to Oct 2026, distributions reinvested.
Return
MeasureBTALVOOEdge
Total return−39.5%+774.4%VOO
Annualized−3.3%+15.4%VOO
Price return−48.4%+570.1%VOO
Risk
MeasureBTALVOOEdge
Volatility15.6%15.8%Tie
Max drawdown−52.3%−31.8%VOO
Upside capture−30.8%100.0%VOO
Downside capture−154.3%100.0%BTAL
Risk-adjusted
MeasureBTALVOOEdge
Sharpe ratio−0.240.88VOO
Sortino ratio−0.331.29VOO
Alpha vs VOO
MeasureBTALVOOEdge
Alpha, a year+4.1%Not significant
Alpha t-stat1.22
Beta to VOO−0.561.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jun 30, 2026
12 months to Jun 30, 2026
+$148m
3 years to Jun 30, 2026
+$252m
5 years to Jun 30, 2026
+$183m
askIQ: what do these flows mean? ↗

What you earned

BTAL +9.8%, VOO −1.1%: total return over one month to Nov 4, 2026.
BTAL+9.8%
VOO−1.1%
BTAL +10.1%, VOO −0.1%: total return over three months to Nov 4, 2026.
BTAL+10.1%
VOO−0.1%
BTAL +10.5%, VOO +5.0%: total return over six months to Nov 4, 2026.
BTAL+10.5%
VOO+5.0%
BTAL −9.1%, VOO +13.4%: total return over the year to Nov 4, 2026.
BTAL−9.1%
VOO+13.4%
BTAL −11.5%, VOO +14.8%: total return over one year to Nov 4, 2026.
BTAL−11.5%
VOO+14.8%
BTAL −28.9%, VOO +83.3%: total return over three years to Nov 4, 2026.
BTAL−28.9%
VOO+83.3%
BTAL −8.3%, VOO +75.5%: total return over five years to Nov 4, 2026.
BTAL−8.3%
VOO+75.5%
BTAL −29.6%, VOO +333.1%: total return over ten years to Nov 4, 2026.
BTAL−29.6%
VOO+333.1%
BTAL −38.0%, VOO +759.1%: total return since launch to Nov 4, 2026.
BTAL−38.0%
VOO+759.1%
askIQ: why did BTAL return −11.5% over one year, against VOO’s +14.8%? ↗

How concentrated, and what does it cost?

−0.74
Correlation with the S&P 500
Report
−1.37
Beta to the S&P 500
Report
−168.4%
Down-week capture
Report
−13.7 pts
Against T-bills, 52 weeks
Report
2.4%
12-month yield, capital gains included, on its starting price
Report
$0.3579
Last payment (paid annually), ex-date Dec 30, 2025
Report
Sector mix
Cost against like funds
askIQ: is a 1.25% fee low for a fund like BTAL? ↗

More on BTAL

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Price and total return, 1 year

$13.08−0.4%1 day, priceClose, Nov 4, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

BTAL returns by window: total return, cash paid and price change
WindowTotal returnBenchmark (VOO)Gap to VOO
1M Oct 5 – Nov 4, 2026+9.8%−1.1%+10.9 pts
3M Aug 5 – Nov 4, 2026+10.1%−0.1%+10.2 pts
6M May 6 – Nov 4, 2026+10.5%+5.0%+5.5 pts
YTD Dec 31, 2025 – Nov 4, 2026−9.1%+13.4%−22.5 pts
1Y Nov 4, 2025 – Nov 4, 2026−11.5%+14.8%−26.3 pts
3Y Nov 3, 2023 – Nov 4, 2026−28.9%+83.3%−112.2 pts
5Y Nov 5, 2021 – Nov 4, 2026−8.3%+75.5%−83.8 pts
10Y Nov 4, 2016 – Nov 4, 2026−29.6%+333.1%−362.7 pts
Since launch Sep 13, 2011 – Nov 4, 2026−38.0%+759.1%−797.1 pts
Since launch, annualised Sep 13, 2011 – Nov 4, 2026−3.1%––

Total returns, distributions reinvested.

Source: Tiingo end-of-day prices, with distributions reinvested.

Rose when the S&P 500 fell
Rose when the S&P 500 fellBTAL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, BTAL +1.80%.SPY−1.07%BTAL+1.80%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Rose when the S&P 500 fellBTAL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, BTAL +1.80%.SPY−1.07%BTAL+1.80%Average week when SPY fell

BTAL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, BTAL +1.80%.

Money in and out

Monthly data · as of Jun 30, 2026

BTAL: in the month to Jun 30, 2026, net $15.3m came in, by its SEC filing.

12 months
+$148m
50.1% of $296m on Jun 30, 2025
Jul 1, 2025 to Jun 30, 2026
monthly, from SEC filings
3 years
+$252m
91.5% of $275m on Jun 30, 2023
Jul 1, 2023 to Jun 30, 2026
monthly, from SEC filings
5 years
+$183m
185.5% of $98.8m on Jun 30, 2021
Jul 1, 2021 to Jun 30, 2026
monthly, from SEC filings
Since Jan 2020
+$218m
Jan 1, 2020 to Jun 30, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions BTAL files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jun 2026. Every day and month ETFIQ holds for BTAL, back to Jan 2020, is in its flows file. Flows across every fund · How these flows are computed · Compare BTAL with other funds in the flows tool

Month by month, money in and money outJul 2023 to Jun 2026

BTAL, money in and money out each month from Jul 2023 to Jun 2026: two bars a month, money in above the line and money out below. Every bar is from BTAL’s SEC filings (N-PORT item B.6). Of the 36 months listed, money came in on net in 19 and went out in 17.

Every bar is from BTAL’s SEC filings (N-PORT item B.6). Of the 36 months listed, money came in on net in 19 and went out in 17.

MonthInOutNet
Jun 2026 SEC Form N-PORT+$21.0m−$5.7m+$15.3m
May 2026 SEC Form N-PORT+$3.1m−$24.1m−$21.0m
Apr 2026 SEC Form N-PORT+$7.6m−$53.1m−$45.5m
Mar 2026 SEC Form N-PORT+$47.7m−$22.2m+$25.4m
Feb 2026 SEC Form N-PORT+$59.8m$0+$59.8m
Jan 2026 SEC Form N-PORT+$36.1m−$1.4m+$34.7m
Dec 2025 SEC Form N-PORT+$30k−$54.9m−$54.9m
Nov 2025 SEC Form N-PORT+$33.9m−$21.8m+$12.2m
Oct 2025 SEC Form N-PORT+$57.1m−$40.9m+$16.2m
Sep 2025 SEC Form N-PORT+$15.0m−$27.0m−$12.0m
Aug 2025 SEC Form N-PORT+$77.0m$0+$77.0m
Jul 2025 SEC Form N-PORT+$41.2m$0+$41.2m
Jun 2025 SEC Form N-PORT+$19.0m−$19.6m−$585k
May 2025 SEC Form N-PORT+$2.1m−$108m−$105m
Apr 2025 SEC Form N-PORT+$100m−$50.5m+$50.0m
Mar 2025 SEC Form N-PORT+$89.0m−$6.8m+$82.2m
Feb 2025 SEC Form N-PORT+$39.6m−$10.8m+$28.8m
Jan 2025 SEC Form N-PORT+$12.9m−$96.7m−$83.8m
Dec 2024 SEC Form N-PORT+$15.3m−$26.6m−$11.3m
Nov 2024 SEC Form N-PORT+$17k−$30.9m−$30.9m
Oct 2024 SEC Form N-PORT+$8.8m−$8.9m−$36k
Sep 2024 SEC Form N-PORT+$151m−$48.2m+$103m
Aug 2024 SEC Form N-PORT+$106m−$38.2m+$67.6m
Jul 2024 SEC Form N-PORT+$3.9m−$4.8m−$918k
Jun 2024 SEC Form N-PORT+$22.5m−$1.9m+$20.6m
May 2024 SEC Form N-PORT+$5.7m−$54.5m−$48.8m
Apr 2024 SEC Form N-PORT+$47.5m−$19.4m+$28.1m
Mar 2024 SEC Form N-PORT+$6.4m−$18.2m−$11.8m
Feb 2024 SEC Form N-PORT+$2k−$2.8m−$2.8m
Jan 2024 SEC Form N-PORT+$6.5m−$912k+$5.5m
Dec 2023 SEC Form N-PORT+$6.3m−$52.8m−$46.5m
Nov 2023 SEC Form N-PORT+$7.1m−$14.4m−$7.3m
Oct 2023 SEC Form N-PORT+$23.7m−$3.1m+$20.6m
Sep 2023 SEC Form N-PORT+$47.1m−$952k+$46.1m
Aug 2023 SEC Form N-PORT+$30.9m−$10.3m+$20.7m
Jul 2023 SEC Form N-PORT+$1.8m−$21.4m−$19.6m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jun 30, 2026. Updated when the fund files its next report.

BTAL key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$15.81 on Nov 20, 2025
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$10.92 on Jun 22, 2026
Close on Nov 4, 2026, within that range (ETFIQ)$13.08, 44% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Sep 10, 2026
Trading · BTALas of Sep 10, 2026
·
Not scored1 of 6 measured · Sep 10, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

BTAL for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
BTAL interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

BTAL is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

About BTAL

IssuerAGF Investments
Strategy (ETFIQ, from its prospectus)Market neutral
Expense ratio (485BPOS XBRL, Oct 27, 2026)1.25%Report
Net assets (SEC N-PORT, whole fund, as filed for Jun 30, 2026)$283mReport
Benchmark (ETFIQ, from its filings)S&P 500 Index, measured by VOO, which tracks the same index
Benchmark named inits shareholder report, N-CSR, Sep 2, 2026
BTAL, 1 year to Nov 4, 2026−11.5%
VOO, the same days+14.8%
Against its benchmark, 1 year (ETFIQ)−26.3 pts
Weeks measured52, from Nov 5, 2025 to Nov 4, 2026
Weeks the S&P 500 fell26
The S&P 500 in those weeks, on average−1.07%
BTAL in those weeks, on average+1.80%
BTAL total return over those weeks−10.0%
T-bills (BIL) over the same weeks+3.7%
When stocks fellS&P 500 −4.9% in March 2026; BTAL −0.9%
Weekly correlation with the S&P 500−0.74, 52 weeks to Nov 4, 2026
First tradedSep 13, 2011
Days traded3,809
Quotedon an exchange, every trading day
How we measure
Weekly closes from Tiingo with distributions reinvested, 52 weeks to the same date for the fund, SPY and BIL. ETFIQ calculation. Method
IQ Investment Committee on BTAL

12 seats on BTAL, as of Nov 4, 2026: 1 Supports, 3 Challenges, 7 Not enough data, 1 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingSupports
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatChallenges
Put BTAL to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about BTAL

Does BTAL move with the S&P 500?
Over the year to Nov 4, 2026, BTAL’s weekly returns had a correlation of −0.74 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was −1.37, so for each 1% the index moved it moved about 1.37% the other way.
What did BTAL do when stocks fell?
The S&P 500 fell in 26 of the 52 weeks to Nov 4, 2026, by 1.07% on average. In those weeks BTAL rose 1.80% on average, a down-week capture of −168.4%.
Did BTAL earn more than cash?
Over the same 52 weeks BTAL returned −10.0% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. BTAL finished 13.7 percentage points behind it.
What does BTAL cost?
The prospectus expense ratio is 1.25% a year.
Why is BTAL listed as market neutral?
ETFIQ files each fund by what its own prospectus says it does, and BTAL’s, filed Oct 27, 2026, describes a market neutral fund.
Sources and dates
Prices, BTAL and Benchmark (VOO)Prices, Tiingo end of day ↗
Fee, 1.25%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $283mSEC N-PORT, whole fund · Jun 30, 2026
SourceProspectus the strategy was read from (SEC) ↗
IssuerAGF Investments website ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, BTAL, alternatives ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/btal

The down-week bars for BTAL, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Correlation
How closely the fund’s weekly returns moved with the S&P 500’s over the last year, from −1 to 1. At 1 the two rise and fall together, at 0 there is no pattern, and below 0 the fund tended to move the other way.
Beta
How far the fund moved, on average, for each 1% move in the S&P 500 over the same weeks. At 0.3 it moved about 0.3% the same way; below 0 it moved the other way.
Down week
A week in which the S&P 500 fell, measured through SPY with dividends reinvested. A week that ended exactly level is not a down week.
Down-week capture
The fund’s average return in the S&P 500’s down weeks as a share of the index’s own average in those weeks. At 100% it fell as much, at 50% half as much, and below zero it rose. It is weekly and covers one year, so it is not the same number as Morningstar’s downside capture.
Against T-bills
The fund’s total return minus a short Treasury bill fund’s (BIL) over the same year, in percentage points. A fund can steady a portfolio and still earn less than cash.
Full definitions: alternatives ETFs vocabulary page. →
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BTAL: BTAL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, BTAL +1.80%.
<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/alternatives/btal/" title="BTAL: BTAL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, BTAL +1.80%." width="640" height="334" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">BTAL: BTAL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, BTAL +1.80%. Data: <a href="https://etfiq.com/funds/btal">ETFIQ</a></figcaption>
</figure>

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