BITC vs PTBD: Grades, Fees and Holdings Compared

Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF

BITCCNYSE Arca

Pacer Trendpilot US Bond ETF

PTBDANYSE Arca

Overlap

0.0%by weight

Expense ratio

PTBD −0.28pt a year

BITC0.88%PTBD0.60%

Avg volume · 30D

PTBD 4.7×the volume

BITC3.98KPTBD18.6K

3Y return · a year

BITC +20.9pt

BITC+25.0%PTBD+4.1%

BITC vs PTBD Performance

Oct 31, 2025 – Nov 2, 2026

−4.4%BITC−0.2%PTBD

Expense ratio: BITC 0.88%; PTBD 0.60%, better
Fund size: BITC $14M; PTBD $83M
1Y total return: BITC −4.4%; PTBD −0.2%, better
Yield (12M): BITC 3.26%; PTBD 6.36%, better
Holdings: BITC 2; PTBD 1050
Avg volume (30D): BITC 3.98K sh; PTBD 18.6K sh, better
NAV per share: BITC $37.67; PTBD $18.34
52W range

ETF.net Grade

Pillar letters and Scores for BITC, PTBD, with each pillar’s weight
Pillar	BITC	PTBD
Cost30% weight	B59	A83Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	F13	B60Higher
Tradability15% weight	C44	C50Higher
Holdings10% weight	Not scored	A90
Durability5% weight	C51	A83Higher

Rank among Tactical Allocation funds

How we build Categories ›

Same Category. BITC and PTBD are both graded against the same 46 Tactical Allocation funds, so their Grades compare head to head.

Tactical Allocation⁠

Category · 46 funds

See all 46 ›

PTBD ranks 3rd and BITC 34th of 46 funds in the Tactical Allocation Category.

Rank 1AENDWCambria Endowment Style ETFScore 81
Rank 2AGMODGMO Dynamic Allocation ETFScore 76
Rank 3APTBDPacer Trendpilot US Bond ETFScore 72
Rank 4ARISNInspire Capital Appreciation ETFScore 71
Rank 32CTSPXTwin Oak Active Opportunities ETFScore 45
Rank 34CBITCBitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETFScore 44
Rank 35CDYTASGI Dynamic Tactical ETFScore 41

Our read on each fund

ETF.net Research

BITCCBitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF

PTBDAPacer Trendpilot US Bond ETF

In short

BITC Not a bitcoin fund, not a bond fund. BITC flips between bitcoin futures and Treasuries on a rules-based trend signal, holding one or the other rather than blending them. A momentum switch in an ordinary ETF wrapper, live since 2023.

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

BITC The Fund seeks capital appreciation through a rules-based rotation between bitcoin futures and U.S. Treasuries based on market momentum.

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

BITC Binary by design: a rules-based momentum signal decides whether the fund sits in bitcoin futures or in U.S. Treasuries, so the switch is mechanical rather than a judgment call.
Crypto-linked exposure via bitcoin futures inside a 1940 Act ETF, so it lives in a normal brokerage account with no wallets or private keys.
Running since March 2023, so the rotation rules have been through real bitcoin swings rather than just a backtest.sec.gov

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

BITC Fee is 0.88% net of a waiver through May 1, 2027 (1.12% gross), near the category median but above cheaper tactical peers like ENDW at 0.22% and PBL at 0.45%.
Trend signals react after a move, not before, so choppy markets can mean stepping out following a drop and back in after a bounce.
Small and lightly traded, so spreads can run wider than in mainstream multi-asset funds.

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 BITC profile⁠

Full PTBD profile⁠

BITC vs PTBD Holdings

How BITC and PTBD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BITC and 0.0% of PTBD.

Level by level

Asset classAlternatives, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile86.1%

Sector

No Sector split for BITC and PTBD.

Country, concentration and asset class

Country by domicile

Country weights in BITC and PTBD, widest gap first
Country	More in BITCMore in PTBD	BITC	PTBD
United States	BITC +13.9 points	100.0%	86.1%
Canada	PTBD +3.5 points	0.0%	3.5%
United Kingdom	PTBD +2.1 points	0.0%	2.1%
Japan	PTBD +1.7 points	0.0%	1.7%
Cayman Islands	PTBD +1.4 points	0.0%	1.4%
Luxembourg	PTBD +1.2 points	0.0%	1.2%
France	PTBD +1.1 points	0.0%	1.1%
Netherlands	PTBD +0.7 points	0.0%	0.7%
Other countries (10)	PTBD +2.2 points	0.0%	2.2%

Concentration

Weight in the 10 largest Holdings

BITC100.0%
PTBD5.3%

Securities held

BITC1
PTBD1,046

Asset class

BITC: Alternatives
PTBD: Fixed Income

Holdings

Only in BITC1
In both0
Only in PTBD1,046

Only in BITC

1 security, 91.1% of BITC by weight

Treasury Bill 0 1/21/202791.14%

Only in PTBD

1,046 securities, 98.2% of PTBD by weight

1261229 BC Ltd 10% 04/15/20320.61%
EchoStar Corp 10.75% 11/30/20290.49%
Skydance Corp 8.25% 10/15/20310.49%
Meridian Arc Holdco LLC 6.25% 04/30/20310.49%
SoftBank Group Corp 9.75% 04/01/20340.36%
SoftBank Group Corp 9.25% 04/01/20320.36%
Cloud Software Group LLC 6.5% 03/31/20290.35%
Cloud Software Group LLC 9% 09/30/20290.34%
TransDigm Inc 6.375% 03/01/20290.34%
PR RNO Property Owner 1 LLC 6.5% 05/01/20310.34%
Quikrete Holdings Inc 6.375% 03/01/20320.33%
Skydance Corp 8.875% 10/15/20340.32%
EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/20300.30%
Nexstar Media Inc 6.5% 09/15/20330.29%
SV RNO Property Owner 1 LLC 5.875% 03/01/20310.29%
HUB International Ltd 7.25% 06/15/20300.29%
WULF Compute LLC 7.75% 10/15/20300.28%
Rakuten Group Inc 9.75% 04/15/20290.27%
Venture Global LNG Inc 9.5% 02/01/20290.27%
Galaxy Helios Data Centers II LLC 9.875% 08/01/20310.27%
OAK-Eagle Acquireco Inc 7.25% 07/01/20330.27%
CRC Insurance Group LLC 7.125% 06/01/20310.27%
Directv Financing LLC 8.875% 02/01/20300.26%
Medline Borrower LP 5.25% 10/01/20290.26%
Asurion LLC/ Asurion Co-Issuer Inc 8% 12/31/20320.25%
Core Scientific Finance I LLC 7.75% 05/15/20310.25%
Mauser Packaging Solutions Holding Co 7.875% 04/15/20300.25%
TransDigm Inc 6.375% 05/31/20330.24%
TransDigm Inc 6.75% 01/31/20350.24%
1011778 BC ULC / New Red Finance Inc 4% 10/15/20300.24%
CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 03/01/20300.23%
Centene Corp 4.625% 12/15/20290.23%
OAK-Eagle Acquireco Inc 8.75% 07/01/20340.23%
Neptune Bidco US Inc 9.29% 04/15/20290.23%
DaVita Inc 4.625% 06/01/20300.23%
AthenaHealth Group Inc 6.5% 02/15/20300.22%
CCO Holdings LLC / CCO Holdings Capital Corp 5% 02/01/20280.22%
Level 3 Financing Inc 7% 03/31/20340.22%
CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 02/01/20310.21%
IQVIA Inc 6.25% 06/01/20320.21%
Talen Energy Supply LLC 6.375% 05/01/20330.21%
UKG Inc 6.875% 02/01/20310.21%
EchoStar Corp 6.75% 11/30/20300.21%
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 04/20/20290.21%
Rocket Cos Inc 6.375% 08/01/20330.21%
Beach Acquisition Bidco LLC 10% 07/15/20330.21%
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 06/01/20280.21%
Carrix Inc 6.125% 08/01/20330.21%
QXO Building Products Inc 6.75% 04/30/20320.21%
CoreWeave Inc 9.75% 10/01/20310.21%

Weight gaps

BITC and PTBD share no securities.

All 1 BITC holdings⁠All 1,050 PTBD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BITC vs PTBD Cost

Overpaying BITC vs PTBD

$4,888

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BITC 0.88%
$16,705
PTBD 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

BITC 0.88%
PTBD 0.60%
Overpaying

Year by year

Year	BITC	PTBD	Overpaying
10	$1,559	$1,076	$483
20	$5,891	$4,116	$1,775
30	$16,705	$11,817	$4,888

Expense ratio

0.88%BITC
0.60%PTBD, cheaper

PTBD0.60%BITC0.88%

0.22%1.99%

Middle half of Tactical Allocation funds
Median 0.93%

PTBD 8th cheapest of 46 funds

BITC 20th cheapest of 46 funds

BITC vs PTBD Dividends

Last 12 months to Nov 2, 2026

Yield (12M): BITC 3.26%; PTBD 6.36%, better
Payout (12M): BITC $1.23; PTBD $1.17
Last payment: BITC $1.23; PTBD $0.10
Ex-dividend: BITC Dec 26, 2025; PTBD Oct 22, 2026
Paid on: BITC Dec 30, 2025; PTBD Oct 26, 2026
Frequency: BITC Annual; PTBD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

BITCAnnual · 3 paymentsAll BITC payments⁠

PTBDMonthly · 46 paymentsAll PTBD payments⁠

BITC vs PTBD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BITC 43.7%PTBD 5.2%, better
Return per unit of riskSharpe ratio, 3 years: BITC 0.61, betterPTBD 0.08
Worst fallMax drawdown, 5 years: BITC −33.2%since Mar 2023PTBD −24.8%
Market sensitivityBeta, 5 years: BITC 1.53PTBD 0.74; Market = 1

BITC and PTBD in the news

All news⁠

Category Review
Tactical funds ranged from a 32.2% gain to a 12.5% loss
Updated Sep 29, 2026BITC

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BITC vs PTBD

In short

Stated mandate

Why people hold it

Worth knowing

How BITC and PTBD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BITC

Only in PTBD

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Tactical funds ranged from a 32.2% gain to a 12.5% loss

How BITC and PTBD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BITC

Only in PTBD

Weight gaps