PTBD vs TOAO: Grades, Fees and Holdings Compared

Pacer Trendpilot US Bond ETF

PTBDANYSE Arca

Twin Oak Active Opportunities III ETF

TOAODCboe

Overlap

0.0%by weight

Expense ratio

PTBD −0.35pt a year

PTBD0.60%TOAO0.95%

Avg volume · 30D

PTBD 125.6×the volume

PTBD18.3KTOAO146

PTBD vs TOAO Performance

Aug 6, 2026 – Nov 6, 2026

−1.8%PTBD−5.4%TOAO

Expense ratio: PTBD 0.60%, better; TOAO 0.95%
Fund size: PTBD $83M; TOAO $418M
1Y total return: PTBD +0.1%; TOAO No data
Yield (12M): PTBD 6.34%; TOAO No data
Holdings: PTBD 1060; TOAO 40
Avg volume (30D): PTBD 18.3K sh, better; TOAO 146 sh
NAV per share: PTBD $18.43; TOAO $25.65
52W range

ETF.net Grade

Pillar letters and Scores for PTBD, TOAO, with each pillar’s weight
Pillar	PTBD	TOAO
Cost30% weight	A83Higher	C44
Mission25% weight	Not scored	Not scored
Risk15% weight	B61Higher	C40
Tradability15% weight	C48Higher	F3
Holdings10% weight	A90Higher	A77
Durability5% weight	A83Higher	B61

Rank among Tactical Allocation funds

How we build Categories ›

Same Category. PTBD and TOAO 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 2nd and TOAO 35th of 46 funds in the Tactical Allocation Category.

Rank 1AENDWCambria Endowment Style ETFScore 81
Rank 2APTBDPacer Trendpilot US Bond ETFScore 72
Rank 3ARISNInspire Capital Appreciation ETFScore 71
Rank 35DGHTAGoose Hollow Tactical Allocation ETFScore 40
Rank 35DTOAOTwin Oak Active Opportunities III ETFScore 40
Rank 38CWBIGWBI BullBear Yield 3000 ETFScore 39

Our read on each fund

ETF.net Research

PTBDAPacer Trendpilot US Bond ETF

TOAODTwin Oak Active Opportunities III ETF

In short

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.

TOAO No data

Stated mandate

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.

TOAO No data

Why people hold it

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.

TOAO No data

Worth knowing

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.

TOAO No data

Full PTBD profile⁠

Full TOAO profile⁠

PTBD vs TOAO Holdings

How PTBD and TOAO differ

Overlap by weight

0.0%

Level by level

Asset classBonds, Stocks0.0%
Holdings0 in both0.0%
Countryby domicile76.9%

Sector

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

Country, concentration and asset class

Country by domicile

Country weights in PTBD and TOAO, widest gap first
Country	Gap	PTBD	TOAO
United States	PTBD +14.7 points	86.4%	71.7%
Netherlands	TOAO +9.3 points	0.7%	9.9%
Brazil	TOAO +5.6 points	0.0%	5.6%
Taiwan	TOAO +3.7 points	0.0%	3.7%
France	TOAO +3.1 points	1.1%	4.2%
United Kingdom	PTBD +2.0 points	2.0%	0.0%
Japan	PTBD +1.7 points	1.7%	0.0%
Canada	TOAO +1.4 points	3.4%	4.8%
Other countries (13)	PTBD +4.7 points	4.7%	0.0%

Outside the US: TOAO 67% developed, 33% emerging.

Concentration

Weight in the 10 largest Holdings

PTBD40.4%
TOAO58.3%

Securities held

PTBD1,056
TOAO38

Asset class

PTBD: Bonds
TOAO: Stocks

Holdings

Only in PTBD1,056
In both0
Only in TOAO38

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%

Only in TOAO

38 securities, 100% of TOAO by weight

Crowdstrike Holdings Inc8.85%
Amazon.com Inc7.84%
Microsoft Corp6.24%
NVIDIA Corp5.68%
ASML Holding NV5.60%
Shopify Inc5.13%
Airbus Group SE4.91%
Broadcom Inc4.90%
Safran SA4.64%
Cloudflare Inc4.50%
Alphabet Inc4.32%
Advanced Micro Devices Inc4.12%
Meta Platforms Inc3.97%
Taiwan Semiconductor Manufacturing Co Ltd3.88%
Charles Schwab Corp/The3.68%
Visa Inc3.40%
MercadoLibre Inc3.22%
Moody's Corp2.94%
GE Vernova Inc2.67%
Arista Networks Inc2.50%
S&P Global Inc2.46%
NU Holdings Ltd/Cayman Islands2.44%
Uber Technologies Inc1.91%
Twin Oak Short Horizon Absolute Return ETF1.47%
UnitedHealth Group Inc1.35%
ServiceNow Inc0.85%
Avgo 01/15/2027 287.1 P0.37%
Goog 01/15/2027 296.69 P0.32%
Nvda 01/15/2027 168.93 P0.25%
Meta 01/15/2027 597.6 P0.22%
Asml 01/15/2027 1246.5 P0.18%
Shop 01/15/2027 123.93 P0.14%
Mobility Global Inc0.10%
Amzn 01/15/2027 215.1 P0.09%
Msft 01/15/2027 421.43 P0.03%
Net 01/15/2027 157.05 P0.03%
Crwd 01/15/2027 101.81 P0.02%
Boeing Co/The0.02%

Weight gaps

PTBD and TOAO share no securities.

All 1,060 PTBD holdings⁠All 50 TOAO 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.

PTBD vs TOAO Cost

Overpaying TOAO vs PTBD

$6,052

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

PTBD 0.60%
$11,817
TOAO 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

PTBD 0.60%
TOAO 0.95%
Overpaying

Year by year

Year	PTBD	TOAO	Overpaying
10	$1,076	$1,678	$602
20	$4,116	$6,322	$2,206
30	$11,817	$17,869	$6,052

Expense ratio

0.60%PTBD, cheaper
0.95%TOAO

PTBD0.60%TOAO0.95%

0.22%1.99%

Middle half of Tactical Allocation funds
Median 0.93%

PTBD 8th cheapest of 46 funds

TOAO 25th cheapest of 46 funds

PTBD vs TOAO Dividends

Last 12 months to Nov 6, 2026

Yield (12M): PTBD 6.34%; TOAO No data
Payout (12M): PTBD $1.17; TOAO None
Last payment: PTBD $0.10; TOAO No data
Ex-dividend: PTBD Oct 22, 2026; TOAO No data
Paid on: PTBD Oct 26, 2026; TOAO No data
Frequency: PTBD Monthly; TOAO No data

Distribution history

Per share, 2023 to 2026, same scale for both

PTBDMonthly · 46 paymentsAll PTBD payments⁠

TOAOAll TOAO payments⁠

No distribution history available.

PTBD vs TOAO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PTBD 5.2%TOAO No data
Return per unit of riskSharpe ratio, 3 years: PTBD 0.08TOAO No data
Worst fallMax drawdown, 5 years: PTBD −24.8%TOAO No data
Market sensitivityBeta, 5 years: PTBD 0.74TOAO 0.22; Market = 1

PTBD and TOAO in the news

All news⁠

ETF Filings
Twin Oak funds holding more than half of TOAK now say they will vote for the move
11 hours agoTOAO

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PTBD vs TOAO

In short

Stated mandate

Why people hold it

Worth knowing

How PTBD and TOAO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PTBD

Only in TOAO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Twin Oak funds holding more than half of TOAK now say they will vote for the move

How PTBD and TOAO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PTBD

Only in TOAO

Weight gaps