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BTAL: A Wonderful ETF For Bear Markets… But There’s A Catch (NYSEARCA:BTAL)

Closeup of bank vault door

peshkov

For this week’s ETF review, I want to cover an ETF several have asked about recently.

  • AGF U.S. Market Neutral Anti-Beta Fund ETF (NYSEARCA:BTAL)

After studying this ETF, I have concluded that it’s potentially a wonderful investment for bear markets. However, I wouldKMLMCTA

ETF Pre-Tax Annual Return Since Inception Post-Tax Return Tax Expense Ratio

% Of Returns Eaten By Taxes

COWZ (FCF Yield, Deep Value) 13.53% 12.72% 0.81% 6%
JEPQ 16.87% 11.82% 5.05% 30%
SCHD 12.80% 11.72% 1.08% 8%
SPY (S&P) 10.13% 9.48% 0.65% 6%
QQQ (Nasdaq) 9.74% 9.21% 0.53% 5%
VYM 8.33% 7.41% 0.92% 11%
VNQ (REITs) 7.48% 5.63% 1.85% 25%
SVOL 12.14% 5.60% 6.54% 54%
BAGPX (60-40) 6.02% 4.51% 1.51% 25%
JEPI 8.36% 4.29% 4.07% 49%
AGG (Bonds) 3.07% 1.87% 1.20% 39%
BTAL -1.11% -1.40% 0.29% -26%

BTAL 60% S&P 40% BTAL 60-40 Vanguard 500 Index Investor
Year Month Return Return Return Return
2020 3 9.27% -3.02% -9.32% -12.37%
2022 9 2.78% -3.60% -7.51% -9.22%
2018 12 4.31% -3.39% -4.73% -9.04%
2022 4 8.51% -1.54% -6.47% -8.73%
2022 6 7.56% -0.89% -6.31% -8.27%
2020 2 0.43% -4.47% -4.10% -8.24%
2018 10 5.59% -2.06% -5.33% -6.85%
2019 5 6.72% -1.77% -2.81% -6.36%
2015 8 2.51% -2.79% -4.07% -6.05%
2012 5 7.51% -1.20% -6.71% -6.02%
2022 12 3.68% -1.31% -3.18% -5.77%
2022 1 5.23% -1.07% -3.65% -5.19%
2016 1 9.48% 0.80% -3.33% -4.98%
2023 9 5.64% -1.29% -3.71% -4.78%
2021 9 -0.35% -3.24% -2.55% -4.66%
2024 4 5.55% -0.29% -3.44% -4.10%
Average 5.28% -1.95% -4.83% -6.91%
Median 5.57% -1.66% -4.09% -6.21%

BTAL 60% S&P 40% BTAL 60-40 Vanguard 500 Index Investor
Year Month Return Return Return Return
2020 4 -3.39% 4.82% 7.88% 12.81%
2020 11 -14.96% 0.53% 7.85% 10.94%
2011 10 -13.85% 1.01% 8.94% 10.91%
2022 7 -8.40% 0.31% 5.59% 9.21%
2023 11 -4.84% 3.90% 7.28% 9.12%
2015 10 -5.18% 2.75% 4.26% 8.42%
2022 10 1.92% 5.02% 3.73% 8.08%
2019 1 -4.03% 3.19% 5.40% 8.00%
2020 8 -5.29% 1.79% 3.52% 7.18%
2019 6 -3.48% 2.97% 4.42% 7.03%
2021 10 -1.41% 4.16% 3.61% 6.99%
2016 3 -2.21% 2.84% 4.11% 6.78%
2023 6 -5.30% 2.22% 3.47% 6.60%
2023 1 -6.36% 1.23% 5.39% 6.27%
2015 2 -5.68% 0.93% 5.43% 5.74%
2018 1 -3.27% 2.07% 2.98% 5.71%
Average -5.36% 2.48% 5.24% 8.11%
Median -5.01% 2.49% 4.91% 7.59%

BTAL KMLM Vanguard 500 Index Investor
Year Month Return Return Return
2022 9 2.78% 3.98% -9.22%
2022 4 8.51% 9.75% -8.73%
2022 6 7.56% -1.44% -8.27%
2022 12 3.68% 1.55% -5.77%
2022 1 5.23% 5.04% -5.19%
2023 9 5.64% 4.63% -4.78%
2021 9 -0.35% 2.48% -4.66%
2024 4 5.55% 4.18% -4.10%
2022 8 -0.85% 8.69% -4.09%
2022 2 -4.49% 3.95% -3.00%
2023 2 -0.55% 1.75% -2.45%
2023 10 6.19% -0.68% -2.12%
2023 8 5.38% 1.47% -1.60%
2021 1 1.42% 0.58% -1.02%
2021 11 1.91% -5.36% -0.71%
Average 3.17% 2.70% -4.38%
Median 3.68% 2.48% -4.10%

BTAL KMLM CTA Vanguard 500 Index Investor
Year Month Return Return Return Return
2022 9 2.78% 3.98% -0.08% -9.22%
2022 4 8.51% 9.75% 8.96% -8.73%
2022 6 7.56% -1.44% 3.47% -8.27%
2022 12 3.68% 1.55% -1.42% -5.77%
2023 9 5.64% 4.63% 8.99% -4.78%
2024 4 5.55% 4.18% 9.78% -4.10%
2022 8 -0.85% 8.69% 4.23% -4.09%
2023 2 -0.55% 1.75% 9.28% -2.45%
2023 10 6.19% -0.68% -4.10% -2.12%
2023 8 5.38% 1.47% -1.13% -1.60%
Average 4.39% 3.39% 3.80% -5.11%
Median 5.47% 2.87% 3.85% -4.44%

BTAL KMLM CTA Vanguard 500 Index Investor
Year Month Return Return Return Return
2022 7 -8.40% -2.50% 3.68% 9.21%
2023 11 -4.84% -5.90% -2.76% 9.12%
2022 10 1.92% -1.41% 1.78% 8.08%
2023 6 -5.30% -2.53% 0.43% 6.60%
2023 1 -6.36% -2.88% -4.09% 6.27%
2022 11 -0.29% -10.05% -6.88% 5.58%
2024 2 -1.09% 2.38% 5.97% 5.33%
2024 5 1.31% -4.95% -0.33% 4.95%
2023 12 -10.28% -5.32% -1.78% 4.53%
2023 3 3.29% -2.35% -14.09% 3.66%
2024 6 1.82% -1.49% -0.84% 3.58%
2024 3 -0.72% 2.33% -0.36% 3.21%
2023 7 -4.90% 0.70% 0.63% 3.20%
2024 1 8.26% -1.01% 0.72% 1.67%
2023 4 2.70% 4.55% 6.75% 1.55%
2024 8 4.28% -1.18% 1.36% 1.38%
2024 7 -1.27% 1.92% -4.16% 1.20%
2023 5 -5.44% 1.43% 1.96% 0.42%
2022 5 1.76% 1.91% 1.13% 0.17%
Average -1.24% -1.39% -0.57% 4.20%
Median -0.72% -1.41% 0.43% 3.66%

60% S&P 40% BTAL 60% S&P 40% Bonds 60% S&P 40% CTA Vanguard 500 Index Investor
Year Month Return Return Return Return
2022 9 -3.83% -7.11% -4.81% -9.22%
2022 4 -1.86% -6.79% -1.68% -8.73%
2022 6 -1.20% -5.47% -3.03% -8.27%
2022 12 -1.49% -3.78% -3.76% -5.77%
2023 9 -1.29% -3.96% 0.13% -4.78%
2024 4 -0.29% -3.45% 1.37% -4.10%
2022 8 -2.65% -3.65% -0.24% -4.09%
2023 2 -1.79% -2.57% 1.92% -2.45%
2023 10 0.80% -1.95% -2.92% -2.12%
2023 8 0.60% -1.27% -1.45% -1.60%
Average -1.30% -4.00% -1.45% -5.11%
Median -1.39% -3.72% -1.57% -4.44%

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