This is an actively managed ETF designed to combine the return streams of two asset classes by using swaps on exchange-traded products linked to cryptocurrencies and precious metals. Management decisions and the derivative structure influence results more than index tracking does.

It suits investors who understand the high volatility and derivative structure and are considering satellite-style alternative asset exposure kept separate from their core holdings.

It is an ETF run with an active management approach by Rareview Capital.

The underlying exposure falls into two categories: cryptocurrencies and precious metals. The fund uses swaps on related exchange-traded products and stacks the total returns of the two strategies. As a result, not only single-asset prices but also derivative contracts, liquidity, and management decisions all affect gains and losses.

• Combines distinct alternative asset exposures
• Swap-based active management structure

Assets under management (AUM) stand at $3.7M, and the Expense Ratio is 0.99% per year.

For products with a small asset base, liquidity should be checked against trading conditions. As for costs, beyond the expense ratio, investors should also consider the cost impact of the swap structure.

Cryptocurrency and precious metal prices are influenced by different macroeconomic environments and levels of risk appetite. However, because this product combines the two exposures and uses leverage, its daily price movements can swing sharply. Rather than judging its long-term characteristics from recent performance alone, investors should examine it on the assumption that volatility may expand.

Demand for alternative assets can vary with factors such as currency values, real interest rates, risk appetite, and the regulatory environment. Because this ETF presents satellite-style alternative asset allocation as its goal, it is appropriate to interpret fund flows alongside its role relative to the core portfolio, trading volume, and the bid-ask spread.

Its distinctive exposure combining cryptocurrencies and precious metals is its hallmark, but leverage, derivatives, and trading conditions tied to its small size call for careful review.

The UPAR ETF in the table is a risk-balanced multi-asset product, and its design differs from the BEGS ETF, which combines cryptocurrency and precious metal exposure. The UPAR ETF can serve as a benchmark for comparing diversified asset allocation, whereas the BEGS ETF may be more sensitive to alternative asset prices and its derivative structure. Check the costs and size of the UPAR ETF in the comparison table, but it is appropriate not to treat the two as having the same purpose or sources of risk. The FAF ETF, shown as a top holding, is a reference item when reviewing the list. The FAF ETF should be interpreted on the basis of the holdings data provided. The inclusion of the FAF ETF alone should not be used to judge this fund's risk exposure.

When reviewing the BEGS ETF, look not only at the direction of cryptocurrencies and precious metals but also at how the swap contracts and leverage structure can magnify gains and losses. Given the characteristics of a small ETF, it is also necessary to check trading conditions and distribution terms before placing an order.

Cryptocurrencies and precious metals can be affected by different market factors, but for the BEGS ETF, which adds leverage and a swap structure, lower volatility cannot be guaranteed. Changes in underlying asset prices, derivative contract liquidity, the counterparty, and gaps between market price and net asset value can all cause losses.

The BEGS ETF is an actively managed alternative asset product that covers cryptocurrencies and precious metals together, and its risk structure differs from that of a typical index-tracking ETF. Rather than simply comparing it as a substitute for core assets, it is appropriate to limit its role within the portfolio to a satellite allocation and to review it after confirming trading conditions and your own tolerance for losses.