BTAL: A Negative Beta Fund As A Portfolio Hedge

2026-01-16 20:55:15 ET

Thesis

We last covered the AGF U.S. Market Neutral Anti-Beta Fund ETF ( BTAL ) in the beginning of 2025, when we argued the fund is a good hedge in a diversified portfolio. We assigned the ETF a 'Buy' rating at the time, but with the following caveat:

Please keep in mind that this ETF is NOT a buy and hold. The fund only works in risk-off environments and recessions (generally). In order to enter the name, you want an environment where the market has already pumped up certain stocks to very high valuations, and where the market is generally overextended

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