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Pacer ETFs
 
 
Pacer Trendpilot etf Series 

The Market Moves. Navigate it With Trendpilot.

The Pacer Trendpilot® ETFs seek to participate in the market when it is trending up, pare back market exposure during short-term market down trends, and prevent extended declines by moving to T-Bills during long-term market down trends.

 

3
Position States
Equity · 50/50 · T-Bills
200d
SMA Signal
Business-Day Basis
7
ETFs Available
US & International
Trend Following
Based Strategy
 

The Fund Family

Seven rules-based strategies. One systematic approach.

US Large Cap View Fund →

PTLC

Pacer Trendpilot US Large Cap ETF

PTLC.IV

Benchmark Index

S&P 500® Index

Inception Date

06/11/2015

Total Expenses

0.60%

CUSIP

69374H105

US Mid Cap View Fund →

PTMC

Pacer Trendpilot US Mid Cap ETF

PTMC.IV

Benchmark Index

S&P MidCap 400® Index

Inception Date

06/11/2015

Total Expenses

0.60%

CUSIP

69374H204

US Large Cap Growth View Fund →

PTNQ

Pacer Trendpilot 100 ETF

PTNQ.IV

Benchmark Index

NASDAQ-100® Index

Inception Date

06/11/2015

Total Expenses

0.65%

CUSIP

69374H303

PTBD

Pacer Trendpilot US Bond ETF¹

PTBD.IV

Benchmark Index

iBoxx USD Liquid High Yield Index

Inception Date

10/22/2019

Total Expenses

0.60%

CUSIP

69374H642

PTEU

Pacer Trendpilot European Index ETF

PTEU.IV

Benchmark Index

FTSE Eurozone  Index

Inception Date

12/14/2015

Total Expenses

0.65%

CUSIP

69374H808

International View Fund →

PTIN

Pacer Trendpilot International ETF

PTIN.IV

Benchmark Index

S&P Developed Ex-US Large Cap Index (USD)

Inception Date

05/02/2019

Total Expenses

0.67%

CUSIP

69374H683

Fund of Funds View Fund →

TRND

Pacer Trendpilot Fund of Funds ETF²

TRND.IV

Benchmark Index

S&P 1200 Index

Inception Date

05/03/2019

Total Expenses

0.77%³

CUSIP

69374H675

¹ PTBD uses a 100-day moving average, not a 200-day SMA.
² TRND is not based on a moving average; it is a fund of funds.
³ For a complete breakdown of TRND's Total Expenses please visit its product page.

The strategy

Three Positions.
Alternating Exposure.

The Pacer Trendpilot ETFs are based on a trend following strategy that alternates exposure between a Benchmark Index and 3-Month US T-Bills using three indicators. The strategy may be appropriate for investors who are risk-averse, but still would like to participate in the market.

The Signal
200-day
Simple
Moving Average

PTBD uses a 100-day SMA

Equity indicator
100% Benchmark Index
100% S&P 500 Index

When the Benchmark Total Return Index closes above its 200-day simple moving average (200d SMA) for five consecutive business days, the exposure of the Trendpilot Index will be 100% to the Benchmark Index.*

From the equity position, the Index will change to the 50/50 position or the T-Bill position depending on the 50/50 Indicator and the T-Bill Indicator.

 
 
 
50/50 indicator
Price Signal
50% S&P 500 Index · 50% T-Bills

When the Benchmark Total Return Index closes below its 200-day SMA for five consecutive business days, the exposure of the Trendpilot Index will be 50% to the Benchmark Index and 50% to 3-Month US Treasury Bills.*  

From the 50/50 position, the Trendpilot Index will return to the equity position or change to the T-Bill position depending on the Equity Indicator or T-Bill Indicator.

Extreme Valuation Trigger**:

If at close of business the Index is 20% below its 200 Day SMA, the exposure will automatically go to the 50/50 position. The Index will reset to the normal rules when the Equity Indicator is triggered from below the SMA.

 
 
 
t-bill indicator
Trend Signal
100% t-bills

When the Benchmark Total Return Index’s 200-day SMA closes lower than its value from five business days earlier, the exposure of the Trendpilot Index will be 100% to 3-Month US Treasury Bills.*

From the T-Bill position, the Trendpilot Index will change to the equity position when the Equity Indicator is triggered. The Index will not return to its 50/50 position unless the Equity Indicator is first triggered.

Objective Rules are fixed and published. No subjective inputs or overrides ever applied.
Systematic The 200-day SMA is calculated daily. 
Transparent Current signal and position are disclosed daily. 
Tax Efficient Structured as an ETF. In-kind creation/redemption process preserves tax efficiency.
*Any trend change will become effective at the close of business on the first business day after the indicator for the change is triggered. The Index will be in a new position effective on the second business day.
**At open of business on 04/16/2025, the Extreme Valuation Trigger was modified.
 
 
 
Understanding the Strategy

What is
Trend Following?

Trends exist in every market. Trend following is the discipline of identifying them objectively and adjusting exposure accordingly.

Trend following strategy uses a defined indicator to signal when to participate in rising markets and when to step aside from falling ones.

 
A trend is a direction sustained over time.

A trend following strategy allows investors to follow the price movement of an investment over time using an unbiased approach.

 
The signal tells you when the trend has changed.

The 200-day simple moving average (200-Day SMA) is used by market analysts as a key indicator for determining overall long-term trends.

 
Rules remove emotion from the decision.

Trend following strategies remove emotions and speculation from the investment decision making process.

Evidence
2000 – 2025 S&P 500 Total Return Index®
Most bear market losses happen after the signal.

Across the last 6 bear markets, the majority of the total decline occurred after the index crossed below its 200-day SMA meaning the signal triggered early, while most of the damage was still ahead.

03/2000–09/2001
Total loss
 
Before SMA
 
−35.62%  −11.14%
01/2002–10/2002
Total loss
 
Before SMA
 
−32.94%−1.45%
10/2007–11/2008
Total loss
 
Before SMA
 
−50.71%−6.98%
01/2009–03/2009
Total loss
 
Before SMA
 
−27.19%0%
02/2020–03/2020
Total loss
 
Before SMA
 
−33.79%  −11.99%
01/2022–10/2022
Total loss
 
Before SMA
 
−24.49%−8.25%
 
Total market loss
 
Market loss before SMA
Source: Bloomberg.
Core principles
Why trend following works and why it's hard to do without rules.
01
Trends persist longer than people expect

Bull markets can run for years. Bear markets can last longer than any individual is willing to wait. A moving average captures this persistence without requiring a prediction about when it ends.

02
Behavioral biases

Many investors fall victim to emotional investing causing them to buy high and sell low.

03
The indicator doesn't have to be right every time

The goal is to use an indicator to participate in positive trends and avoid negative trends. The indicator may not be right every time, but the goal is to be right enough times to prevent devastating losses.

Quick Resources

Learn more about
Trendpilot

Watch the series overview video or download the research behind the approach, from trend following fundamentals to asset class applications.

TrendPilot Strategy Overview
Video — Series Overview
Trendpilot ETF Series
An introduction to how the 200-day SMA signal works and how Trendpilot navigates market cycles.