MPRO vs PTBD

MPROCMonarch ProCap ETF

PTBDAPacer Trendpilot US Bond ETF

In short

MPRO MPRO reads employment data to place the economy in one of four cycle phases, then rotates a 6-to-9 ETF portfolio across bonds, five stock sectors and a dash of gold. Rules-based macro allocation in one ticker, at 1.03% with 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

MPRO The Fund seeks to replicate, before fees and expenses, the performance of the Monarch ProCap Index. It uses a replication-indexing strategy to pursue that objective.

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

• MPRO The macro playbook in one ticker: the index sorts the cycle into expansion, peak, contraction or trough, then sets the bond/stock split and picks five of the eleven GICS sectors.sec.gov
• Guardrails are written down, not improvised: 6 to 9 holdings, stocks and bonds each held between 15% and 75%, and up to 10% in alternatives such as gold or currency ETFs.sec.gov
• Running since 2021 and now a fund in the hundreds of millions, with Kingsview building the index and Penserra on the trading desk. Distributions come quarterly.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

• MPRO At 1.03% it sits above the typical fee in its tactical multi-asset category, and above rules-based peers like ENDW at 0.22% or GMOD at 0.50% net of a waiver through June 30, 2027.
• The equity sleeve owns five of eleven sectors at a time, so when the cycle call changes the portfolio reshuffles and sector bets can run well off the broad market.sec.gov
• It buys other ETFs, so those funds' own expenses ride underneath, and shares trade lightly enough that the bid/ask gap is worth checking.sec.gov

• 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 MPRO profile⁠

Full PTBD profile⁠