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Trending ETFs

Name

As of 07/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.43

$183 M

10.30%

$2.10

0.60%

Vitals

YTD Return

3.5%

1 yr return

9.1%

3 Yr Avg Return

-4.2%

5 Yr Avg Return

N/A

Net Assets

$183 M

Holdings in Top 10

15.9%

52 WEEK LOW AND HIGH

$20.4
$19.09
$20.67

Expenses

OPERATING FEES

Expense Ratio 0.60%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 55.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 07/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.43

$183 M

10.30%

$2.10

0.60%

PTBD - Profile

Distributions

  • YTD Total Return 3.5%
  • 3 Yr Annualized Total Return -4.2%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.04%
DIVIDENDS
  • Dividend Yield 10.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Pacer Trendpilot US Bond ETF
  • Fund Family Name
    Pacer
  • Inception Date
    Oct 22, 2019
  • Shares Outstanding
    35200000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jim Iredale

Fund Description

The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Index Design Group (the “Index Provider”), an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”).
The Index
The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the iBoxx® USD Liquid High Yield Index, (ii) 50% to the iBoxx USD Liquid High Yield Index and 50% to the iBoxx® USD Treasuries 7-10 Year Index or (iii) 100% to iBoxx USD Treasuries 7-10 Year Index, depending on the “Risk Ratio,” described below.
The iBoxx USD Liquid High Yield Index is designed to track the performance of U.S. dollar-denominated, high-yield corporate bonds issued in the U.S. The iBoxx USD Treasuries 7-10 Year Index is designed to measure the performance of U.S. Treasury bonds maturing in 7 to 10 years. The Index uses a “Risk Ratio” to signal a change in the position of the Index. The Risk Ratio is calculated by dividing the value of the iBoxx USD Liquid High Yield Index by the value of the iBoxx USD Treasuries 7-10 Year Index.
The Index, and consequently the Fund, may stay in any of its three possible positions for an extended period of time. As described below, the Index will change its position based on the following indicators, and each change will become
effective by the close of business on the sixth business day after the indicator for the change is triggered. The Index will be in a new position effective on the seventh business day.
High Yield Indicator. When the Risk Ratio closes above its 100-day historical simple moving average (the “100-day moving average”) for five consecutive business days (the “High Yield Indicator”), the exposure of the Index will be 100% to the iBoxx USD Liquid High Yield Index, effective by the close of business on the sixth business day following the date of the High Yield Indicator. The Index will be in a new position effective on the seventh business day.
Once the High Yield Indicator has been triggered, the exposure of the Index will next change to either be 50% to the iBoxx USD Liquid High Yield Index and 50% iBoxx USD Treasuries 7-10 Year Index if the 50/50 Indicator (described below) is triggered or 100% to iBoxx USD Treasuries 7-10 Year Index if both the 50/50 Indicator and the Treasury Bond (“T-Bond”) Indicator (described below) are triggered simultaneously, effective by the close of business on the sixth business day following the date of the High Yield Indicator. The Index will be in a new position effective on the seventh business day.
50/50 Indicator. When the Risk Ratio closes below its 100-day moving average for five consecutive business days (the “50/50 Indicator”), the exposure of the Index will be 50% to the iBoxx USD Liquid High Yield Index and 50% iBoxx USD Treasuries 7-10 Year Index, effective by the close of business on the sixth business day following the date of the 50/50 Indicator. The Index will be in a new position effective on the seventh business day. Following the effectiveness of the 50/50 Indicator, the exposure of the Index may be greater than or less than 50% with respect to the iBoxx USD Liquid High Yield Index and iBoxx USD Treasuries 7-10 Year Index depending on their respective performance until either the High Yield Indicator or T-Bond Indicator (described below) is triggered.
Once the 50/50 Indicator has been triggered, the exposure of the Index will next change to either be 100% to the iBoxx USD Liquid High Yield Index if the High Yield Indicator is triggered or 100% to iBoxx USD Treasuries 7-10 Year Index if the T-Bond Indicator (described below) is triggered, effective by the close of business on the sixth business day following the date of the 50/50 Indicator. The Index will be in a new position effective on the seventh business day.
T-Bond Indicator. When the Risk Ratio’s 100-day moving average closes lower than its value from five business days earlier (the “T-Bond Indicator”), the exposure of the Index will be 100% to iBoxx USD Treasuries 7-10 Year Index, effective by the close of business on the sixth business day following the date of the T-Bond Indicator. The Index will be in a new position effective on the seventh business day.
For example, if today is Wednesday and the Risk Ratio 100-day moving average closes lower than it did on the fifth preceding business day (Wednesday of the preceding week), the T-Bond Indicator is triggered. Unlike the operation of the High Yield Indicator and 50/50 Indicator, the closing values on the days in between today and the fifth preceding business day do not affect whether the T-Bond Indicator has been triggered; rather, the T-Bond Indicator simply compares today’s closing value to the closing value five business days earlier. However, the Index will not move directly from 100% exposure to the iBoxx USD Liquid High Yield Index to 100% exposure to iBoxx USD Treasuries 7-10 Year Index unless the 50/50 Indicator was simultaneously triggered following the most recent triggering of the High Yield Indicator.
Once the T-Bond Indicator has been triggered, the exposure of the Index will next change to be 100% to the iBoxx USD Liquid High Yield Index if the High Yield Indicator is triggered, effective by the close of business on the sixth business day following the date of the indicator. The Index will be in a new position effective on the seventh business day. Once the T-Bond Indicator has been triggered, the Index will not return to its 50/50 position unless the High Yield Indicator is first triggered, followed by the 50/50 Indicator being triggered.
The Fund’s Investment Strategy
Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in bonds denominated in U.S. dollars. The Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.
The Fund will generally use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole. However, the Fund may use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index in the same approximate proportion as in the Index, when the Fund’s
sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index does not involve practical difficulties or substantial costs). The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions).
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PTBD - Performance

Return Ranking - Trailing

Period PTBD Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -6.6% 10.2% 69.94%
1 Yr 9.1% -4.4% 18.8% 63.02%
3 Yr -4.2%* -15.5% 20.3% 95.37%
5 Yr N/A* -12.1% 37.1% 9.20%
10 Yr N/A* -5.3% 19.6% 11.09%

* Annualized

Return Ranking - Calendar

Period PTBD Return Category Return Low Category Return High Rank in Category (%)
2023 1.8% -4.7% 14.3% 95.08%
2022 -25.3% -33.4% 3.6% 98.72%
2021 -2.2% -8.4% 8.2% 90.82%
2020 7.8% -13.2% 302.7% 2.41%
2019 N/A -4.4% 13.3% N/A

Total Return Ranking - Trailing

Period PTBD Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -6.6% 10.2% 69.94%
1 Yr 9.1% -4.4% 18.8% 63.02%
3 Yr -4.2%* -15.5% 20.3% 95.37%
5 Yr N/A* -12.1% 37.1% N/A
10 Yr N/A* -5.3% 19.6% N/A

* Annualized

Total Return Ranking - Calendar

Period PTBD Return Category Return Low Category Return High Rank in Category (%)
2023 8.8% -4.7% 18.7% 91.59%
2022 -20.9% -33.4% 47.8% 97.12%
2021 0.5% -8.4% 12.4% 95.16%
2020 10.6% -9.6% 325.6% 3.78%
2019 N/A -3.8% 19.4% N/A

PTBD - Holdings

Concentration Analysis

PTBD Category Low Category High PTBD % Rank
Net Assets 183 M 1.45 M 23.6 B 76.27%
Number of Holdings 1140 2 2888 5.88%
Net Assets in Top 10 28.3 M -492 M 5.26 B 74.88%
Weighting of Top 10 15.87% 4.4% 144.6% 35.93%

Top 10 Holdings

  1. Mount Vernon Liquid Assets Portfolio, LLC 11.63%
  2. U.S. Bank Money Market Deposit Account 1.37%
  3. Medline Borrower LP 0.43%
  4. Cloud Software Group Inc 0.42%
  5. Venture Global LNG Inc 0.36%
  6. Directv Financing LLC / Directv Financing Co-Obligor Inc 0.36%
  7. HUB International Ltd 0.34%
  8. Intelsat Jackson Holdings SA 0.32%
  9. Teva Pharmaceutical Finance Netherlands III BV 0.32%
  10. CCO Holdings LLC / CCO Holdings Capital Corp 0.31%

Asset Allocation

Weighting Return Low Return High PTBD % Rank
Bonds
97.73% -0.88% 154.38% 19.30%
Cash
13.00% -52.00% 91.75% 5.41%
Convertible Bonds
0.08% 0.00% 17.89% 93.16%
Stocks
0.00% 0.00% 99.58% 85.13%
Preferred Stocks
0.00% 0.00% 7.50% 69.00%
Other
0.00% -63.70% 100.29% 62.48%

Bond Sector Breakdown

Weighting Return Low Return High PTBD % Rank
Government
85.49% 0.00% 99.07% 0.32%
Corporate
13.99% 0.00% 100.00% 98.25%
Cash & Equivalents
13.00% 0.00% 91.75% 4.77%
Derivative
0.00% -14.70% 42.26% 50.40%
Securitized
0.00% 0.00% 97.24% 61.62%
Municipal
0.00% 0.00% 1.17% 32.80%

Bond Geographic Breakdown

Weighting Return Low Return High PTBD % Rank
US
97.73% -0.88% 129.21% 11.29%
Non US
0.00% 0.00% 96.20% 68.36%

PTBD - Expenses

Operational Fees

PTBD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.60% 0.02% 38.33% 85.71%
Management Fee 0.60% 0.00% 1.75% 64.03%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

PTBD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PTBD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PTBD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 55.00% 1.00% 255.00% 33.80%

PTBD - Distributions

Dividend Yield Analysis

PTBD Category Low Category High PTBD % Rank
Dividend Yield 10.30% 0.00% 11.76% 16.43%

Dividend Distribution Analysis

PTBD Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

PTBD Category Low Category High PTBD % Rank
Net Income Ratio 4.04% -2.39% 14.30% 67.80%

Capital Gain Distribution Analysis

PTBD Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PTBD - Fund Manager Analysis

Managers

Jim Iredale


Start Date

Tenure

Tenure Rank

Oct 22, 2019

2.61

2.6%

Mr. Iredale became a Senior Portfolio Manager – Fixed Income at Vident in 2015. Prior to joining Vident, Mr. Iredale was a Manager – Fixed Income with Ronald Blue & Co., one of the largest independent wealth management firms in the U.S., where he started in 1999. Mr. Iredale graduated with a BBA from the University of Georgia, Terry College of Business and obtained his JD from the University of Georgia School of Law.

Austin Wen


Start Date

Tenure

Tenure Rank

Jun 24, 2020

1.93

1.9%

Austin Wen, CFA has seven years of investment management experience. Mr. Wen is a Portfolio Manager at Vident, specializing in portfolio management and trading of equity portfolios and commodities based portfolios, as well as risk monitoring and investment analysis. Previously, Mr. Wen was an analyst for Vident Financial, working on the development and review of investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.17 8.17