BTAL

AGFiQ US Market Neutral Anti-Beta Fund

1 Day NAV Changes as of 04/24/2019
0.16 (0.74%)
NAV Total Return as of 04/24/2019
YTD:
3.80%

Overview

BTAL’s objective is to seek performance results that correspond to the price and yield performance, before fees and expenses, of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Index.  BTAL strives to achieve this objective, by investing long in U.S. equities that have below average betas and shorting those securities that have above average betas, within sectors.

Key Reasons to Invest

  1. Provides exposure to the spread return between low and high beta stocks.
  2. Potential to generate positive returns regardless of the direction of the general market, so long as low beta stocks outperform high beta stocks.
  3. Provides consistent exposure to the anti-beta factor by investing in the underlying index which reconstitutes and rebalances monthly in equal dollar amounts in equally weighted long low beta positions and equally weighted short high beta positions within each sector.
  4. May be an effective alternative to buying Treasuries, volatility products and low-volatility funds if seeking to reduce overall portfolio risk.

Key Facts

Fund Details
Ticker
BTAL
CUSIP
351680707
NAV Calculation Time
4:00pm ET
INAV
BTALIV
Index Ticker
DJTMNABT
Index Provider
Dow Jones Indexes
Marginable
Y
Selling
Y
Exchange
NYSE Arca
Inception Date
09/13/2011
Quick Facts
As of Date
04/24/2019
Close
$ 21.12
Prem/Disc
-0.03
Prem/Disc%
-0.14%
Shares Outstanding
2,100,000
Fund Net Assets
$ 44,410,380
Standard Deviation1
8.00%
Expense Ratio
Gross expense ratio
3.34%
Net expense ratio*
0.76%

*The Fund’s investment adviser, FFCM LLC (“Adviser”), has contractually agreed to waive the fees and reimburse expenses of the Fund until at least November 1, 2019, so that the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses) (“Operating Expenses”) of the Fund are limited to 0.45% of average net assets (“Expense Cap”). This undertaking can only be changed with the approval of the Board. The Fund has agreed that it will repay the Adviser for fees and expenses forgone or reimbursed during the last 36 months, provided that repayment does not cause the Operating Expenses to exceed the lower of 0.45% of the Fund’s average net assets and the expense cap in place at the time of the Adviser’s waiver or reimbursement.

1As of 03/31/2019

Performance

Name 1 Month 3 Month 1 Year 3 Year 5 Year Inception

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment and principal value will fluctuate so that an investors shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. For the most recent month end performance, please call collect 617-292-9801.

Index Sector Weightings

  • % Long Weight
  • % Short Weight
Index Characteristics
Long Portfolio Short Portfolio

** Premiums and discounts in the table above are calculated based on the midpoint of a bid/ask spread that is within the range of the highest bid and lowest offer on the principal U.S. market on which the Fund’s shares are traded during the relevant day’s regular trading session. They are not calculated based each day’s closing (or last sale) price, as reflected in the Quick Facts column above. Accordingly, the table does not summarize the premiums and discounts at which the shares have traded relative to each day’s closing (or last sale) price, as reflected in the Quick Facts column above.

There is risk that the present and future volatility of a security, relative to the market index, will not be the same as it has historically been and thus the Fund will not be invested in low beta securities. In addition, the Fund may be more volatile than the universe since it will have short exposure to the most volatile stocks in the universe and long exposure to the least volatile stocks in the universe. Short selling could cause unlimited losses, derivatives could result in losses beyond the amount invested, and the value of an investment in the Fund may fall sharply. Shares are not individually redeemable and can be redeemed only in Creation Units. The market price of shares can be at, below or above the NAV.

The S&P 500 TR Index is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

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