BDGS vs PTBD

BDGSBBridges Capital Tactical ETF

PTBDAPacer Trendpilot US Bond ETF

In short

BDGS A tactical fund that publishes its dial settings: roughly 75% index ETFs and 5% cash in risk-on mode, roughly 80% cash in risk-off mode, plus a standing sleeve of about 10 large-cap stocks. 0.87%, no waiver.

PTBD Trend following, pointed at bonds instead of stocks. A published rulebook shifts PTBD between high yield corporates and intermediate Treasuries as their relative strength changes, dialing credit risk up or down by formula rather than by opinion.

Stated mandate

BDGS The Fund is an actively managed, diversified ETF investing in a mix of U.S. equity index ETFs, large-capitalization stocks, and cash or cash equivalents. Its allocation and rebalancing respond to macroeconomic conditions, market breadth, and volatility.

PTBD The Fund seeks to track, before fees and expenses, the total return of the Pacer Trendpilot US Bond Index through a rules-based strategy that alternates between high-yield corporate bonds and U.S. Treasury bonds.

Why people hold it

• BDGS The playbook sits in the prospectus: about 75% index ETFs and 5% cash when the macro read is risk-on, about 80% cash and 20% stocks when it is not. Unusually specific.sec.gov
• The macro call shifts less than once a year by design. Rebalancing happens inside that gear: roughly twice a month in defensive stretches, about six times a year when bullish.sec.govsec.gov 2
• The stock sleeve is roughly 10 large-cap names held for the long haul, sold when a company drops out of its index's top 10 or the manager sees a risk to the long-term story.sec.gov
• 0.87% with no fee waiver, near what tactical-allocation funds typically charge. Cheaper shelves exist in the group, like ENDW at 0.22%. Rates in the upper half of its peer group.

• PTBD The rulebook is public and mechanical: high yield measured against Treasuries, compared to its 100-day average, with five straight closes needed to confirm. No manager hunch involved.paceretfs.com
• 0.60% a year, comfortably below the median for tactical multi-asset funds. Cheap for a strategy that does the reallocating for you.
• Holds roughly 1,000 bonds in whichever sleeve the signal points to, so no single issuer carries much weight. Income is distributed monthly.
• Trading since 2019, long enough to have run the rules through a rate shock and a credit wobble, and it sits in the upper tier of the tactical funds we cover.

Worth knowing

• BDGS A small fund whose shares trade lightly, so spreads can run wider than on mega-cap index ETFs and bigger orders can move the price.
• Turnover is high by design. The prospectus notes that can mean higher transaction costs and, in taxable accounts, higher taxes.sec.gov
• Listed in 2023, so the live record is short, and the prospectus flags that cash-heavy stretches can trail the benchmark in a rising market.etfarchitect.com

• PTBD Trend rules react, they don't anticipate. A sharp reversal can flip the signal after the move has happened, and the confirmation window means the switch lands days later.paceretfs.com
• In its risk-on position the portfolio is high yield corporate debt, full stop. That is credit risk, a different animal from Treasury rate risk.paceretfs.com
• Not one of the heavily traded names in its category, so the spread and a limit order matter more here than with a mega-fund.

Full BDGS profile⁠

Full PTBD profile⁠