PBL vs PTBD: Grades, Fees and Holdings Compared

PGIM Portfolio Ballast ETF

PBLBCboe

Pacer Trendpilot US Bond ETF

PTBDANYSE Arca

Overlap

0.0%by weight

Expense ratio

PBL −0.15pt a year

PBL0.45%PTBD0.60%

Avg volume · 30D

PTBD 3.7×the volume

PBL5.07KPTBD18.6K

3Y return · a year

PBL +10.8pt

PBL+15.7%PTBD+4.9%

PBL vs PTBD Performance

Oct 31, 2025 – Oct 30, 2026

+7.3%PBL−0.1%PTBD

Expense ratio: PBL 0.45%, better; PTBD 0.60%
Fund size: PBL $71M; PTBD $83M
1Y total return: PBL +7.3%, better; PTBD −0.1%
Yield (12M): PBL 2.06%; PTBD 6.36%, better
Holdings: PBL 13; PTBD 1047
Avg volume (30D): PBL 5.07K sh; PTBD 18.6K sh, better
NAV per share: PBL $33.73; PTBD $18.34
52W range

ETF.net Grade

Pillar letters and Scores for PBL, PTBD, with each pillar’s weight
Pillar	PBL	PTBD
Cost30% weight	A93Higher	A83
Mission25% weight	Not scored	Not scored
Risk15% weight	B65Higher	B60
Tradability15% weight	D29	C50Higher
Holdings10% weight	Not scored	A90
Durability5% weight	B64	A83Higher

Rank among Tactical Allocation funds

How we build Categories ›

Same Category. PBL 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 PBL 5th 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 5BPBLPGIM Portfolio Ballast ETFScore 69
Rank 6BPWSPacer WealthShield ETFScore 67

Our read on each fund

ETF.net Research

PBLBPGIM Portfolio Ballast ETF

PTBDAPacer Trendpilot US Bond ETF

In short

PBL 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

PBL 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

PBL 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

PBL 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 PBL profile⁠

Full PTBD profile⁠

PBL vs PTBD Holdings

As of Oct 23, 2026

How PBL and PTBD differ

Overlap by weight

0.0%

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

Level by level

Asset classEquity, Fixed Income0.0%
Holdings0 in both0.0%
Countryby domicile86.4%

Sector

No Sector split for PBL and PTBD.

Country, concentration and asset class

Country by domicile

Country weights in PBL and PTBD, widest gap first
Country	More in PBLMore in PTBD	PBL	PTBD
United States	PBL +13.4 points	99.5%	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 (12)	PTBD +1.8 points	0.4%	2.2%

Concentration

Weight in the 10 largest Holdings

PBL99.3%
PTBD5.8%

Securities held

PBL7
PTBD1,043

Asset class

PBL: Equity
PTBD: Fixed Income

Holdings

Only in PBL7
In both0
Only in PTBD1,043

Only in PBL

7 securities, 88.6% of PBL by weight

United States Treasury Note/Bond46.21%
4SPY Us 10/25/30 C67521.38%
4SPY Us 01/31/31 C7009.12%
Vanguard Intermediate-Term Treasury Etf8.27%
United States Treasury Bill2.99%
Vanguard S&P 500 Etf0.56%
Net Current Assets0.11%

Only in PTBD

1,043 securities, 97.5% of PTBD by weight

1261229 BC Ltd 10% 04/15/20320.60%
EchoStar Corp 10.75% 11/30/20290.49%
Meridian Arc Holdco LLC 6.25% 04/30/20310.48%
SoftBank Group Corp 9.25% 04/01/20320.36%
SoftBank Group Corp 9.75% 04/01/20340.36%
Cloud Software Group LLC 6.5% 03/31/20290.35%
TransDigm Inc 6.375% 03/01/20290.34%
PR RNO Property Owner 1 LLC 6.5% 05/01/20310.34%
Cloud Software Group LLC 9% 09/30/20290.34%
Quikrete Holdings Inc 6.375% 03/01/20320.33%
EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/20300.30%
SV RNO Property Owner 1 LLC 5.875% 03/01/20310.29%
HUB International Ltd 7.25% 06/15/20300.29%
Nexstar Media Inc 6.5% 09/15/20330.29%
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%
CRC Insurance Group LLC 7.125% 06/01/20310.27%
OAK-Eagle Acquireco Inc 7.25% 07/01/20330.27%
Galaxy Helios Data Centers II LLC 9.875% 08/01/20310.26%
Directv Financing LLC 8.875% 02/01/20300.26%
Asurion LLC/ Asurion Co-Issuer Inc 8% 12/31/20320.26%
Medline Borrower LP 5.25% 10/01/20290.26%
Core Scientific Finance I LLC 7.75% 05/15/20310.26%
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% 03/01/20300.24%
Neptune Bidco US Inc 9.29% 04/15/20290.23%
Centene Corp 4.625% 12/15/20290.23%
OAK-Eagle Acquireco Inc 8.75% 07/01/20340.23%
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%
CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 02/01/20310.22%
Level 3 Financing Inc 7% 03/31/20340.21%
UKG Inc 6.875% 02/01/20310.21%
EchoStar Corp 6.75% 11/30/20300.21%
IQVIA Inc 6.25% 06/01/20320.21%
Talen Energy Supply LLC 6.375% 05/01/20330.21%
American Airlines Inc/AAdvantage Loyalty IP Ltd 5.75% 04/20/20290.21%
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 06/01/20280.21%
CoreWeave Inc 9.75% 10/01/20310.21%
Carrix Inc 6.125% 08/01/20330.21%
Rocket Cos Inc 6.375% 08/01/20330.21%
Allied Universal Holdco LLC 7.875% 02/15/20310.21%
Beach Acquisition Bidco LLC 10% 07/15/20330.21%
APLD ComputeCo LLC 9.25% 12/15/20300.21%
Venture Global LNG Inc 8.375% 06/01/20310.20%

Weight gaps

PBL and PTBD share no securities.

All PBL 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.

PBL vs PTBD Cost

Overpaying PTBD vs PBL

$2,776

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

PBL 0.45%
$9,041
PTBD 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

PBL 0.45%
PTBD 0.60%
Overpaying

Year by year

Year	PBL	PTBD	Overpaying
10	$812	$1,076	$264
20	$3,128	$4,116	$988
30	$9,041	$11,817	$2,776

Expense ratio

0.45%PBL, cheaper
0.60%PTBD

PBL0.45%PTBD0.60%

0.22%1.99%

Middle half of Tactical Allocation funds
Median 0.93%

PBL 4th cheapest of 46 funds

PTBD 8th cheapest of 46 funds

PBL vs PTBD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PBL 2.06%; PTBD 6.36%, better
Payout (12M): PBL $0.68; PTBD $1.17
Last payment: PBL $0.68; PTBD $0.10
Ex-dividend: PBL Dec 30, 2025; PTBD Oct 22, 2026
Paid on: PBL Jan 2, 2026; PTBD Oct 26, 2026
Frequency: PBL Annual; PTBD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PBLAnnual · 3 paymentsAll PBL payments⁠

PTBDMonthly · 46 paymentsAll PTBD payments⁠

PBL vs PTBD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PBL 8.8%PTBD 5.2%, better
Return per unit of riskSharpe ratio, 3 years: PBL 1.21, betterPTBD 0.08
Worst fallMax drawdown, 5 years: PBL −11.6%since Dec 2022PTBD −24.8%
Market sensitivityBeta, 5 years: PBL 0.71PTBD 0.74; Market = 1

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