AGF U.S. Market Neutral Anti-Beta Fund

BTAL • ARCA

AGF U.S. Market Neutral Anti-Beta Fund is an exchange-traded fund on ARCA. As of Q3 2025, 72 institutional investors hold shares in this ETF, with total holdings valued at $240.2M. Federation des caisses Desjardins du Quebec is the largest holder with a position valued at $36.8M.

Overview

Overview of institutional ownership in BTAL as of Q3 2025

All Institutions

Institutions: 72
Value Held: $240.2M
Shares Held: 15.1M
Avg Position: $3.3M
Median Position: $427.8K

Hedge Funds

Hedge Funds: 3
Value Held: $1.7M
Shares Held: 106.6K
Avg Position: $562.8K
Median Position: $538.4K

Biggest Investors

Institutions with the largest positions in BTAL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Federation des caisses Desjardins du Quebec Fund of Funds	Neil David Blundell CIO	$36.8M 0.14% of portfolio	2.3M shares	Q2 2020 Held for 5y 5m	$25.4B
Kovitz Investment Group Partners, LLC RIA/Wealth	Mitchell Armin Kovitz CEO	$35.4M 0.14% of portfolio	2.2M shares	Q3 2024 Held for 1y 2m	$25.6B
FMR LLC Institution	-	$31.0M 0.00% of portfolio	1.9M shares	Q1 2023 Held for 2y 8m	$1.92T
A Advisor Group Holdings, Inc. Institution	-	$26.5M 0.04% of portfolio	1.6M shares	Q1 2020 Held for 5y 8m	$71.0B
HighTower Advisors, LLC RIA/Wealth	Robert David Oros CEO	$13.2M 0.02% of portfolio	828.1K shares	Q1 2025 Held for 8 months	$87.7B
R Resources Investment Advisors, Inc. Pension/Endowment	Vincent Lee Morris President	$10.1M 0.11% of portfolio	633.6K shares	Q4 2023 Held for 1y 11m	$9.6B
C CIBC World Markets Inc. Institution	-	$9.5M 0.02% of portfolio	596.0K shares	Q3 2024 Held for 1y 2m	$48.7B
L LPL Financial LLC Institution	-	$8.9M 0.00% of portfolio	560.9K shares	Q1 2022 Held for 3y 8m	$340.07B
WEALTHEDGE INVESTMENT ADVISORS, LLC RIA/Wealth	Enri Dama CIO	$8.2M 3.14% of portfolio	517.3K shares	Q2 2025 Held for 5 months	$262.4M
Clark Capital Management Group, Inc. RIA/Wealth	Brendan Michael Clark CEO	$5.8M 0.04% of portfolio	362.7K shares	Q3 2025 Held for 2 months	$16.0B

Net Capital Flow

Institutional buying and selling activity for BTAL in Q3 2025

Traded: +$51.1M
Buyers: 47
Sellers: 45
Total Bought: +$67.5M
Total Sold: −$16.4M
Avg Position: $2.5M

Biggest Buyers

Institution	Net Bought	Current Position
Kovitz Investment Group Partners, LLC RIA/Wealth	+$21.5M +1.4M shares	$35.4M 2.2M shares
HighTower Advisors, LLC RIA/Wealth	+$6.7M +423.5K shares	$13.2M 828.1K shares
WEALTHEDGE INVESTMENT ADVISORS, LLC RIA/Wealth	+$6.3M +394.1K shares	$8.2M 517.3K shares
Clark Capital Management Group, Inc. RIA/Wealth	+$5.8M +362.7K shares	$5.8M 362.7K shares
Krilogy Financial LLC RIA/Wealth	+$5.4M +362.7K shares	$5.4M 362.7K shares
Kestra Advisory Services, LLC RIA/Wealth	+$5.3M +333.6K shares	$5.3M 333.6K shares
C CIBC World Markets Inc. Institution	+$3.0M +188.4K shares	$9.5M 596.0K shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$2.2M +135.5K shares	$3.3M 207.4K shares
L LPL Financial LLC Institution	+$1.9M +119.4K shares	$8.9M 560.9K shares
L Latitude Advisors, LLC RIA/Wealth	+$1.1M +70.8K shares	$1.3M 84.4K shares

Biggest Sellers

Institution	Net Sold	Current Position
A Advisor Group Holdings, Inc. Institution	−$1.6M −98.3K shares	$26.5M 1.6M shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$1.5M −85.7K shares	Sold Off 0 shares
Federation des caisses Desjardins du Quebec Fund of Funds	−$1.5M −94.0K shares	$36.8M 2.3M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$1.4M −88.6K shares	$619.8K 38.9K shares
Armis Advisers, LLC RIA/Wealth	−$886.5K −50.1K shares	Sold Off 0 shares
Concurrent Investment Advisors, LLC RIA/Wealth	−$778.0K −44.0K shares	Sold Off 0 shares
Advyzon Investment Management, LLC RIA/Wealth	−$737.5K −46.3K shares	$184.0K 11.6K shares
S STIFEL FINANCIAL CORP Long Only Manager	−$699.9K −39.5K shares	Sold Off 0 shares
Bay Colony Advisory Group, Inc d/b/a Bay Colony Advisors RIA/Wealth	−$638.8K −36.1K shares	Sold Off 0 shares
Maridea Wealth Management LLC RIA/Wealth	−$617.5K −34.9K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BTAL in Q3 2025

New Positions: 11
New Value: $13.7M
Exited Positions: 24
Exited Value: $9.2M

New Positions

Institution	Position Value
Clark Capital Management Group, Inc. RIA/Wealth	$5.8M 362.7K shares
Krilogy Financial LLC RIA/Wealth	$5.4M 362.7K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$948.9K 60.2K shares
PARK AVENUE SECURITIES LLC RIA/Wealth	$443.7K 27.9K shares
Strategic Wealth Partners, Ltd. RIA/Wealth	$316.9K 19.9K shares
GREENWOOD CAPITAL ASSOCIATES LLC RIA/Wealth	$262.6K 16.5K shares
Q QVR LLC Hedge Fund•Vol Arbitrage	$201.1K 12.6K shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	$201.1K 12.6K shares
Fiscal Wisdom Wealth Management, LLC RIA/Wealth	$158.4K 10.1K shares
G GROUP ONE TRADING, L.P. Institution	$9.6K 600.0 shares

Exited Positions

Institution	Previous Position
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$1.5M 85.7K shares
Armis Advisers, LLC RIA/Wealth	$886.5K 50.1K shares
Concurrent Investment Advisors, LLC RIA/Wealth	$778.0K 44.0K shares
S STIFEL FINANCIAL CORP Long Only Manager	$699.9K 39.5K shares
Bay Colony Advisory Group, Inc d/b/a Bay Colony Advisors RIA/Wealth	$638.8K 36.1K shares
Maridea Wealth Management LLC RIA/Wealth	$617.5K 34.9K shares
BANK OF AMERICA CORP /DE/ Institution	$610.3K 34.5K shares
L.M. KOHN & COMPANY RIA/Wealth	$569.6K 32.2K shares
Hobbs Group Advisors, LLC RIA/Wealth	$423.8K 23.9K shares
Belpointe Asset Management LLC RIA/Wealth	$403.4K 22.8K shares

Options Activity

Institutions with the largest Call and Put options positions in BTAL as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with BTAL as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
PMV Capital Advisers, LLC RIA/Wealth	Daniel Ray Snover President	6.33% $3.3M	204.8K shares	Q4 2024 Held for 11 months	$51.5M
WEALTHEDGE INVESTMENT ADVISORS, LLC RIA/Wealth	Enri Dama CIO	3.14% $8.2M	517.3K shares	Q2 2025 Held for 5 months	$262.4M
Axim Planning & Wealth RIA/Wealth	Luong Pham Managing Partner	0.98% $1.2M	77.0K shares	Q1 2025 Held for 8 months	$125.1M
Magnolia Private Wealth, LLC RIA/Wealth	Larry Gene Peery Managing Partner	0.74% $1.0M	63.8K shares	Q4 2024 Held for 11 months	$136.4M
L Latitude Advisors, LLC RIA/Wealth	John Stephen Bivens President	0.62% $1.3M	84.4K shares	Q2 2025 Held for 5 months	$215.7M
Good Steward Wealth Advisors,LLC RIA/Wealth	Dale Robert Branda COO	0.38% $554.6K	34.8K shares	Q2 2025 Held for 5 months	$144.7M
Able Wealth Management LLC RIA/Wealth	Seth Philip Hodes Managing Partner	0.25% $678.8K	42.6K shares	Q2 2025 Held for 5 months	$267.5M
Q QVR LLC Hedge Fund•Vol Arbitrage	Benjamin Patrick Eifert CIO	0.24% $201.1K	12.6K shares	Q3 2025 Held for 2 months	$82.6M
CREATIVE FINANCIAL DESIGNS INC /ADV RIA/Wealth	Brent Anthony Owens President	0.24% $3.6M	224.3K shares	Q2 2024 Held for 1y 5m	$1.5B
Krilogy Financial LLC RIA/Wealth	Kent Scott Skornia CEO	0.20% $5.4M	362.7K shares	Q3 2025 Held for 2 months	$2.7B

Hedge Fund Spotlight

Discover hedge funds investing in BTAL

Hudson Bay Capital Management LP

Hedge Fund • Multi-Strategy

Portfolio ManagerSander Ross Gerber

Portfolio Value: $14.7B
Positions: 892
Last Reported: Q3 2025

Sector Allocation

Position in AGF U.S. Market Neutral Anti-Beta Fund

Market Value: $948.9K
Shares Held: 60.2K
Portfolio Weight: 0.01%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$1.1B	7.58%
2 Amazon AMZN	Specialty Retail Consumer Cyclical	$977.3M	6.66%
3 Tesla, Inc. TSLA	Auto - Manufacturers Consumer Cyclical	$787.6M	5.37%