PTBD vs XNAV: Grades, Fees and Holdings Compared

Pacer Trendpilot US Bond ETF

PTBDANYSE Arca

FundX Aggressive ETF

XNAVDNYSE Arca

Overlap

0.0%by weight

Expense ratio

PTBD −0.67pt a year

PTBD0.60%XNAV1.27%

Avg volume · 30D

PTBD 19.0×the volume

PTBD18.6KXNAV976

3Y return · a year

XNAV +14.0pt

PTBD+4.1%XNAV+18.1%

PTBD vs XNAV Performance

Oct 31, 2025 – Nov 2, 2026

−0.2%PTBD+5.3%XNAV

Expense ratio: PTBD 0.60%, better; XNAV 1.27%
Fund size: PTBD $83M; XNAV $29M
1Y total return: PTBD −0.2%; XNAV +5.3%, better
Yield (12M): PTBD 6.36%, better; XNAV 0.55%
Holdings: PTBD 1050; XNAV 21
Avg volume (30D): PTBD 18.6K sh, better; XNAV 976 sh
NAV per share: PTBD $18.34; XNAV $86.24
52W range

ETF.net Grade

Pillar letters and Scores for PTBD, XNAV, with each pillar’s weight
Pillar	PTBD	XNAV
Cost30% weight	A83Higher	F18
Mission25% weight	Not scored	Not scored
Risk15% weight	B60Higher	F24
Tradability15% weight	C50Higher	C44
Holdings10% weight	A90Higher	A74
Durability5% weight	A83Higher	B63

Rank among Tactical Allocation funds

How we build Categories ›

Same Category. PTBD and XNAV 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 XNAV 41st 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 40DHFDGA Core Plus Absolute Return ETFScore 37
Rank 41DXNAVFundX Aggressive ETFScore 34
Rank 42DEZROAlphaDroid Defensive Sector Rotation ETFScore 33

Our read on each fund

ETF.net Research

PTBDAPacer Trendpilot US Bond ETF

XNAVDFundX Aggressive 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.

XNAV A fund of ETFs that rotates into what's leading: the advisor's "Upgrading" system, in print as a newsletter since 1976, pointed at the aggressive end (sector and country funds). The 1.27% fee is the price of the hand-steering.

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.

XNAV Seeks long-term capital appreciation without prioritizing income.

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.

XNAV The engine is "Upgrading": rank a pool of ETFs, hold the leaders, rotate out as they fade. The advisor has published this method in a monthly newsletter since 1976.sec.gov
Not a startup. The strategy ran as a mutual fund from 2002 and converted into this ETF in October 2022, carrying the predecessor's record with it.sec.gov
Exposure arrives as whole ETFs, sorted into five risk classes (sector, aggressive, core, total return, bond), with the aggressive sleeve leaning on sector and country funds.sec.gov sec.gov 2

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.

XNAV The 1.27% fee (no waiver) sits above the category median, and the underlying ETFs charge their own fees on top. Peer ENDW runs 0.22%.
Momentum cuts both ways: the prospectus flags the risk of buying an ETF right after a brief surge, and turnover runs high by design.sec.gov sec.gov 2
Small and thinly traded, so bid-ask spreads can be wider and larger orders can move the price.

Full PTBD profile⁠

Full XNAV profile⁠

PTBD vs XNAV Holdings

How PTBD and XNAV differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.0%
Countryby domicile90.7%

Sector

No Sector split for PTBD.

Country, concentration and asset class

Country by domicile

Country weights in PTBD and XNAV, widest gap first
Country	More in PTBDMore in XNAV	PTBD	XNAV
Taiwan	XNAV +4.3 points	0.0%	4.3%
South Korea	XNAV +3.6 points	0.0%	3.6%
Canada	PTBD +2.6 points	3.5%	0.9%
United Kingdom	PTBD +1.5 points	2.1%	0.6%
Cayman Islands	PTBD +1.4 points	1.4%	0.0%
Luxembourg	PTBD +1.2 points	1.2%	0.0%
France	PTBD +1.0 points	1.1%	0.1%
Other countries (25)	PTBD +0.3 points	90.7%	90.4%

Concentration

Weight in the 10 largest Holdings

PTBD5.3%
XNAV63.3%

Securities held

PTBD1,046
XNAV21

Asset class

PTBD: Fixed Income
XNAV: Equity

Holdings

Only in PTBD1,046
In both0
Only in XNAV21

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%

Only in XNAV

21 securities, 100% of XNAV by weight

Vanguard Morningstar Growth ETF10.50%
Schwab U.S. Large-Cap Growth ETF8.91%
iShares MSCI USA Value Factor ETF8.13%
Wisdomtree US Quality Growth Fund6.39%
iShares MSCI USA Momentum Factor ETF5.39%
VanEck Semiconductor ETF5.26%
Pacer US Small Cap Cash Cows ETF5.07%
State Street SPDR S&P Semiconductor ETF4.79%
Avantis International Small Cap Value ETF4.61%
State Street SPDR NYSE Technology ETF4.28%
Invesco S&P 500 Momentum ETF4.13%
Avantis U.S. Small Cap Value ETF3.91%
iShares U.S. Oil Equipment & Services ETF3.70%
iShares Semiconductor ETF3.68%
State Street SPDR S&P Biotech ETF3.63%
Invesco Nasdaq 100 ETF3.61%
First Trust Cloud Computing ETF3.51%
First Trust NASDAQ-100 Technology Index Fund3.48%
iShares MSCI Taiwan ETF3.42%
iShares MSCI South Korea ETF3.22%
First American Government Obligations Fund 12/01/20310.44%

Weight gaps

PTBD and XNAV share no securities.

All 1,050 PTBD holdings⁠All XNAV 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 XNAV Cost

Overpaying XNAV vs PTBD

$11,101

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

PTBD 0.60%
$11,817
XNAV 1.27%
$22,918

Amount$10,000

Years30 years

Cost over time

PTBD 0.60%
XNAV 1.27%
Overpaying

Year by year

Year	PTBD	XNAV	Overpaying
10	$1,076	$2,214	$1,138
20	$4,116	$8,220	$4,104
30	$11,817	$22,918	$11,101

Expense ratio

0.60%PTBD, cheaper
1.27%XNAV

PTBD0.60%XNAV1.27%

0.22%1.99%

Middle half of Tactical Allocation funds
Median 0.93%

PTBD 8th cheapest of 46 funds

XNAV 38th cheapest of 46 funds

PTBD vs XNAV Dividends

Last 12 months to Nov 2, 2026

Yield (12M): PTBD 6.36%, better; XNAV 0.55%
Payout (12M): PTBD $1.17; XNAV $0.47
Last payment: PTBD $0.10; XNAV $0.47
Ex-dividend: PTBD Oct 22, 2026; XNAV Dec 31, 2025
Paid on: PTBD Oct 26, 2026; XNAV Jan 2, 2026
Frequency: PTBD Monthly; XNAV Annual

Distribution history

Per share, 2023 to 2026, same scale for both

PTBDMonthly · 46 paymentsAll PTBD payments⁠

XNAVAnnual · 3 paymentsAll XNAV payments⁠

PTBD vs XNAV 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%, betterXNAV 17.6%
Return per unit of riskSharpe ratio, 3 years: PTBD 0.08XNAV 0.89, better
Worst fallMax drawdown, 5 years: PTBD −24.8%XNAV −24.3%since Oct 2022
Market sensitivityBeta, 5 years: PTBD 0.74XNAV 1.13; Market = 1

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