BTAL Fees and Costs — AGF U.S. Market Neutral Anti-Beta Fund
Data updated: 2026-09-10
The net expense ratio is 1.40% (1.65% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $498K in broker commissions, 0.1481% of average net assets, and portfolio turnover was 340%.
BTAL Fees and Expenses
Annual operating expenses and sales charges of BTAL. Prospectus, as of October 27, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 1.65% |
| Fee waiver | −0.25% |
| Net expense ratio | 1.40% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
BTAL Costs Over Time
On $10,000 invested in BTAL, assuming 5% a year before costs, total costs come to $958 over 5 years, cutting the return by 1.63% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.40%) | $147 | $456 | $786 |
| Trading costs (broker commissions) | $16 | $48 | $83 |
| Lost growth on money paid in costs | $0 | $25 | $88 |
| Total costs | $163 | $529 | $958 |
| Value after costs | $10,337 | $11,047 | $11,805 |
| Impact on return, per year | 1.63% | 1.63% | 1.63% |
BTAL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1481%
- Total broker commissions: $498K
- Bought from dealers (principal trades, not a cost): $516.9M
- Portfolio turnover (prospectus): 340%
- Securities lending: none during the year
BTAL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Scotia Capital (USA) Inc. | $346K | 69.59% |
| Morgan Stanley & Co. LLC | $151K | 30.41% |
BTAL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $352.6M | 68.22% |
| Virtu Americas LLC | $111.5M | 21.58% |
| Goldman Sachs & Co. LLC | $29.3M | 5.66% |
| Morgan Stanley & Co. LLC | $22.3M | 4.31% |
| J.P. Morgan Securities LLC | $1.2M | 0.23% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.