FPAA vs PTBD: Grades, Fees and Holdings Compared

FPA Global Allocation ETF

FPAACCboe

Pacer Trendpilot US Bond ETF

PTBDANYSE Arca

Overlap

0.0%by weight

Expense ratio

FPAA −0.11pt a year

FPAA0.49%PTBD0.60%

Avg volume · 30D

PTBD 1.2×the volume

FPAA15.3KPTBD18.3K

FPAA vs PTBD Performance

Aug 7, 2026 – Nov 9, 2026

+0.4%FPAA−2.1%PTBD

Expense ratio: FPAA 0.49%, better; PTBD 0.60%
Fund size: FPAA $36M; PTBD $83M
1Y total return: FPAA No data; PTBD 0.0%
Yield (12M): FPAA No data; PTBD 6.35%
Holdings: FPAA 5; PTBD 1060
Avg volume (30D): FPAA 15.3K sh; PTBD 18.3K sh, better
NAV per share: FPAA $25.87; PTBD $18.43
52W range

ETF.net Grade

Pillar letters and Scores for FPAA, PTBD, with each pillar’s weight
Pillar	FPAA	PTBD
Cost30% weight	A90Higher	A83
Mission25% weight	F10	Not scored
Risk15% weight	A82Higher	B61
Tradability15% weight	C48	C48
Holdings10% weight	D32	A72Higher
Durability5% weight	D30	A83Higher

Rank among Tactical Allocation funds

How we build Categories ›

Same Category. FPAA 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 FPAA 24th of 46 funds in the Tactical Allocation Category.

Rank 1AENDWCambria Endowment Style ETFScore 81
Rank 2ARISNInspire Capital Appreciation ETFScore 72
Rank 3APBLPGIM Portfolio Ballast ETFScore 70
Rank 3APTBDPacer Trendpilot US Bond ETFScore 70
Rank 5BPWSPacer WealthShield ETFScore 69
Rank 24CCLSMETC Cabana Target Leading Sector Moderate ETFScore 53
Rank 24CFPAAFPA Global Allocation ETFScore 53
Rank 24CGMMAGammaRoad Market Navigation ETFScore 53

Our read on each fund

ETF.net Research

FPAACFPA Global Allocation ETF

PTBDAPacer Trendpilot US Bond ETF

In short

FPAA No data

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

FPAA No data

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

FPAA No data

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

FPAA No data

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 FPAA profile⁠

Full PTBD profile⁠

FPAA vs PTBD Holdings

How FPAA and PTBD differ

Overlap by weight

0.0%

About this figure: FPAA holds other funds. We compare those funds, not the stocks inside them.

Level by level

Asset classStocks, Bonds0.0%
Holdings0 in both0.0%
Countryby domicile65.4%

Sector

FPAA and PTBD share no Sector name, so they cannot be compared by Sector.

Country, concentration and asset class

Country by domicile

Country weights in FPAA and PTBD, widest gap first
Country	Gap	FPAA	PTBD
United States	PTBD +26.0 points	60.4%	86.4%
Netherlands	FPAA +9.5 points	10.2%	0.7%
Switzerland	FPAA +5.6 points	5.8%	0.2%
France	FPAA +4.7 points	5.8%	1.1%
China	FPAA +3.1 points	3.1%	0.0%
South Korea	FPAA +2.9 points	2.9%	0.0%
Germany	FPAA +2.9 points	3.0%	0.1%
Canada	PTBD +2.7 points	0.7%	3.4%
Other countries (19)	Same weight	8.1%	8.1%

Outside the US: FPAA 83% developed, 17% emerging.

Concentration

Weight in the 10 largest Holdings

FPAA100.1%
PTBD40.4%

Securities held

FPAA5
PTBD1,056

Asset class

FPAA: Stocks
PTBD: Bonds

Holdings

Only in FPAA5
In both0
Only in PTBD1,056

Only in FPAA

5 securities, 100% of FPAA by weight

Fpa Global Equity Etf New63.25%
Fpa Short Duration Govt Etf33.24%
Ishares Bb Rated Corp Bond1.67%
Vngrd Totl Inflt Pro Sec Etf1.54%
Cashusd0.43%

Only in PTBD

1,056 securities, 97.9% of PTBD by weight

United States Treasury Note/Bond 4.625% 02/15/20354.14%
United States Treasury Note/Bond 4.625% 08/15/20364.13%
United States Treasury Note/Bond 4.25% 11/15/20344.06%
United States Treasury Note/Bond 4.375% 05/15/20364.06%
United States Treasury Note/Bond 4.375% 05/15/20344.05%
United States Treasury Note/Bond 4.25% 05/15/20354.04%
United States Treasury Note/Bond 4.25% 08/15/20354.04%
United States Treasury Note/Bond 4.125% 02/15/20363.98%
United States Treasury Note/Bond 4% 02/15/20343.98%
United States Treasury Note/Bond 3.875% 08/15/20343.95%
United States Treasury Note/Bond 4% 11/15/20353.94%
United States Treasury Note/Bond 4.5% 11/15/20333.93%
United States Treasury Note/Bond 4.5% 02/15/20360.90%
1261229 BC Ltd 10% 04/15/20320.30%
Skydance Corp 8.25% 10/15/20310.25%
EchoStar Corp 10.75% 11/30/20290.24%
Meridian Arc Holdco LLC 6.25% 04/30/20310.24%
Cloud Software Group LLC 6.5% 03/31/20290.17%
SoftBank Group Corp 9.25% 04/01/20320.17%
SoftBank Group Corp 9.75% 04/01/20340.17%
Cloud Software Group LLC 9% 09/30/20290.17%
TransDigm Inc 6.375% 03/01/20290.17%
PR RNO Property Owner 1 LLC 6.5% 05/01/20310.17%
Quikrete Holdings Inc 6.375% 03/01/20320.16%
Skydance Corp 8.875% 10/15/20340.16%
EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/20300.15%
Nexstar Media Inc 6.5% 09/15/20330.15%
HUB International Ltd 7.25% 06/15/20300.14%
SV RNO Property Owner 1 LLC 5.875% 03/01/20310.14%
WULF Compute LLC 7.75% 10/15/20300.14%
Rakuten Group Inc 9.75% 04/15/20290.14%
Venture Global LNG Inc 9.5% 02/01/20290.13%
OAK-Eagle Acquireco Inc 7.25% 07/01/20330.13%
CRC Insurance Group LLC 7.125% 06/01/20310.13%
Directv Financing LLC 8.875% 02/01/20300.13%
Galaxy Helios Data Centers II LLC 9.875% 08/01/20310.13%
Asurion LLC/ Asurion Co-Issuer Inc 8% 12/31/20320.13%
Medline Borrower LP 5.25% 10/01/20290.13%
Mauser Packaging Solutions Holding Co 7.875% 04/15/20300.12%
Core Scientific Finance I LLC 7.75% 05/15/20310.12%
TransDigm Inc 6.75% 01/31/20350.12%
TransDigm Inc 6.375% 05/31/20330.12%
1011778 BC ULC / New Red Finance Inc 4% 10/15/20300.12%
CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 03/01/20300.12%
Neptune Bidco US Inc 9.29% 04/15/20290.12%
Centene Corp 4.625% 12/15/20290.12%
OAK-Eagle Acquireco Inc 8.75% 07/01/20340.12%
DaVita Inc 4.625% 06/01/20300.12%
AthenaHealth Group Inc 6.5% 02/15/20300.11%
CCO Holdings LLC / CCO Holdings Capital Corp 5% 02/01/20280.11%

Weight gaps

FPAA and PTBD share no securities.

All FPAA holdings⁠All 1,060 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.

FPAA vs PTBD Cost

Overpaying PTBD vs FPAA

$2,025

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

FPAA 0.49%
$9,792
PTBD 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

FPAA 0.49%
PTBD 0.60%
Overpaying

Year by year

Year	FPAA	PTBD	Overpaying
10	$883	$1,076	$193
20	$3,394	$4,116	$722
30	$9,792	$11,817	$2,025

Expense ratio

0.49%FPAA, cheaper
0.60%PTBD

FPAA0.49%PTBD0.60%

0.22%1.99%

Middle half of Tactical Allocation funds
Median 0.93%

FPAA 5th cheapest of 46 funds

PTBD 8th cheapest of 46 funds

FPAA vs PTBD Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FPAA No data; PTBD 6.35%
Payout (12M): FPAA No data; PTBD $1.17
Last payment: FPAA $0.13; PTBD $0.10
Ex-dividend: FPAA Sep 25, 2026; PTBD Oct 22, 2026
Paid on: FPAA Sep 29, 2026; PTBD Oct 26, 2026
Frequency: FPAA Irregular; PTBD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FPAAIrregular · 1 paymentAll FPAA payments⁠

PTBDMonthly · 46 paymentsAll PTBD payments⁠

FPAA vs PTBD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FPAA No dataPTBD 5.2%
Return per unit of riskSharpe ratio, 3 years: FPAA No dataPTBD 0.08
Worst fallMax drawdown, 5 years: FPAA No dataPTBD −24.7%
Market sensitivityBeta, 5 years: FPAA 0.93PTBD 0.74; Market = 1

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