At a glance
PTEU charges 0.65% a year, above the 0.31% average of the 7 funds most like it (the most expensive of 8). It has $37.2M in assets, the 8th largest of that group; it paid 1.86% of its price in distributions over the past 12 months, annual. Over the past year it returned +6.0% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +12.7% a year. At its worst it fell 15.0% in the 2020 crash (S&P 500: 33.7%) and 11.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 40 months and 10 months after the lows. Its ten largest positions make up 28.5% of the fund, out of 287 in all.
The short version
Pacer Trendpilot European Index ETF (PTEU) tracks a Pacer index that holds eurozone stocks from the FTSE Eurozone Index while they trend upward. When they don't, it moves half or all of its money into 3-month US Treasury bills. That trend-following switch sets it apart from plain eurozone funds. Its 0.65% annual expense ratio is the highest of eight similar funds, whose average is 0.31%.
Price history
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PTEU +6.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PTEU official prospectus, to Dec 31, 2025 | — | +31.10% | — | +8.94% | +3.77% | — |
| PTEU price data to Oct 27, 2026 | +3.2% | +6.0% | +12.7% | +6.8% | +4.7% | +3.7% |
- Over the year to Oct 27, 2026, PTEU returned +6.0%, 6th of 8 among similar funds.
- Its 5-year annualized return was +6.8% and its 10-year +4.7%.
- In the 2020 COVID crash it fell 15% and regained its old high 40.1 months after the low.
- Its worst full calendar year was 2020 (-19.4%); its best was 2025 (+30.8%).
- The deepest fall in its price history was 35.4% (Jan 26, 2018 to Oct 30, 2020), recovered by Jul 9, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.2% | — |
| 2025 | +30.8% | +31.10% |
| 2024 | -0.5% | -0.23% |
| 2023 | +12.4% | +12.09% |
| 2022 | -7.4% | -7.25% |
| 2021 | +13.4% | +12.84% |
| 2020 | -19.4% | -18.90% |
| 2019 | +13.5% | +13.45% |
| 2018 | -16.9% | -15.98% |
| 2017 | +28.9% | +28.06% |
| 2016 | -4.3% | -4.54% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 13.9% over that stretch · deepest drop along the way 15%, back to its old high 40.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.1% over that stretch · deepest drop along the way 11%, back to its old high 10.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.5900 | -28.9% |
| 2024 | $0.8300 | +22.1% |
| 2023 | $0.6800 | +325.0% |
| 2022 | $0.1600 | -57.9% |
| 2021 | $0.3800 | -59.6% |
| 2019 | $0.9400 | +100.0% |
| 2018 | $0.4700 | +147.4% |
| 2017 | $0.1900 |
What's inside
As of Jul 31, 2026, the fund held 287 securities; the ten largest made up 28.5% of assets.
| Holding | Weight | |
|---|---|---|
| ASML Holding NV | 8.00% | |
| Siemens AG | 2.99% | |
| Banco Santander SA | 2.58% | |
| Allianz SE | 2.38% | |
| SAP SE | 2.35% | |
| Schneider Electric SE | 2.27% | |
| TotalEnergies SE | 2.13% | |
| Iberdrola SA | 2.06% | |
| BBVA | 1.97% | |
| UniCredit SpA | 1.78% | |
| Airbus SE | 1.71% | |
| LVMH Moet Hennessy Louis Vuitt | 1.70% | |
| Safran SA | 1.69% | |
| Siemens Energy AG | 1.61% | |
| Air Liquide SA | 1.57% |
By country
France 25.17%Germany 24.56%Netherlands 16.8%Spain 11.17%Italy 9.85%By asset type
Stocks 98.84%Preferred stock 0.46%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.34%, +1.78%, +0.71%.
How it works
PTEU is an index fund. It aims to match the Pacer Trendpilot European Index, before fees. Index Design Group, an affiliate of the fund's adviser, Pacer Advisors, built the index and maintains it. The stock side is the FTSE Eurozone Index, which holds large and mid-size companies in the euro zone's developed markets. Each company is weighted by the market value of the shares available to trade. As of July 31, 2026, the fund held 287 stocks. ASML (8.0%), Siemens (3.0%) and Banco Santander (2.6%) were the largest, and France (25.2%) and Germany (24.6%) were the biggest countries.
The index picks one of three positions using the 200-day moving average, which is the average close over the past 200 business days. If the FTSE Eurozone Index closes above that average five business days in a row, the fund goes 100% into stocks. Five straight closes below it shift the fund to 50% stocks and 50% 3-month US Treasury bills. From that split, if the moving average itself falls below its level five business days earlier, the fund moves fully into T-bills. Each switch takes effect at the close of the business day after the signal.
The fund can stay in one position for a long time, and the index is expected to be mostly in stocks. Rules like this can soften long declines. They can also sell after a drop and buy back after a rebound, which misses part of the recovery. Portfolio turnover was 10%.
What it really costs
- PTEU charges 0.65% a year, versus an average of 0.31% for the similar funds below (8th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PTEU | $66 | $208 | $362 | $810 |
In a retirement portfolio
It adds exposure to large eurozone companies outside the US, with a rule meant to step aside during long declines, but its cost and mixed record make it a complement rather than a core holding.
PTEU could add eurozone stocks such as ASML, Siemens and SAP to a US-heavy portfolio. Its trend rule has a mixed record. The fund launched in December 2015, so it has no 2008 record. In the 2020 COVID crash it fell 15% and didn't regain its peak until July 2023, about 40 months later. In the 2022 bear market it fell 11% and recovered in about 10 months. Its deepest drop, 35.4%, ran from January 2018 to October 2020 and wasn't recovered until July 2025. Its worst calendar year was 2020, when it lost 18.9%. Selling shares for spending during such stretches would lock in losses.
Income is modest. The trailing yield was 1.86% as of October 27, 2026, and the fund pays once a year. Its 0.65% expense ratio compares with a 0.31% peer average. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want eurozone companies such as ASML, Siemens and SAP, plus a rules-based shift toward Treasury bills during long downtrends.
- People who would rather follow a fixed, mechanical trend rule than time European stock markets themselves.
- Portfolios heavy in US stocks that want added exposure to France, Germany and the Netherlands, the fund's three largest countries as of July 31, 2026.
Look elsewhere if
- Cost-focused investors: VGK charges 0.06% and IEUR and BBEU charge 0.09%, versus PTEU's 0.65%, the highest of eight similar funds.
- Anyone who needs regular income: PTEU pays once a year, with a 1.86% trailing yield as of October 27, 2026.
- Those expecting the trend rule to prevent deep losses: the fund fell 35.4% from 2018 to 2020 and didn't recover until July 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PTEU this fund | — | 0.65% | $37.2M | +6.0% | +12.7% |
| EZU iShares MSCI Eurozone ETF | 94% | 0.51% | $9.91B | +6.8% | +21.0% |
| FEZ SPDR EURO STOXX 50 ETF | 65% | 0.29% | $4.35B | +5.6% | +20.6% |
| IEV iShares Europe ETF | 54% | 0.61% | $1.63B | +9.5% | +19.4% |
| BBEU JPMorgan BetaBuilders Europe ETF | 52% | 0.09% | $9.36B | +9.5% | +19.8% |
| IEUR iShares Core MSCI Europe ETF | 49% | 0.09% | $8.95B | +9.6% | +19.9% |
| VGK Vanguard FTSE Europe ETF | 47% | 0.06% | $38.51B | +11.9% | +19.7% |
| EWG iShares MSCI Germany ETF | 24% | 0.5% | $1.82B | +1.3% | +21.2% |
Questions investors ask
What's the difference between PTEU and EZU?
Their stocks overlap by 94%, but EZU (iShares MSCI Eurozone ETF) tracks the MSCI Eurozone Index with no trend-following switch into Treasury bills. EZU costs 0.51% a year versus PTEU's 0.65%. EZU is also far larger, with about $9.9 billion in assets versus PTEU's $37.2 million. As of October 27, 2026, EZU's three-year annualized return was 21%, compared with 12.7% for PTEU.
How does the Pacer Trendpilot European strategy work?
It follows the FTSE Eurozone Index's 200-day moving average. Five straight closes above that average put the fund 100% in eurozone stocks. Five straight closes below it shift the fund to 50% stocks and 50% 3-month US Treasury bills. If the moving average then falls below its level five business days earlier, the fund moves fully into T-bills. Each switch takes effect the business day after the signal.
Does PTEU pay dividends?
Yes, once a year. Over the trailing twelve months it paid about $0.59 per share, a yield of 1.86% as of October 27, 2026. Because it pays only annually, the fund may be a poor fit for anyone who wants monthly or quarterly income. The payout also depends on whether the fund holds dividend-paying eurozone stocks or Treasury bills during the year.
What is PTEU's expense ratio?
PTEU's expense ratio is 0.65%, according to its prospectus filed August 27, 2026. That makes it the most expensive of eight similar funds, whose average is 0.31%. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $66 in fees after one year, $362 after five years and $810 after ten years.
Did PTEU's trend-following protect against losses?
Only partly. In the 2020 COVID crash the fund fell 15% and took until July 2023 to recover. In 2022 it fell 11% and recovered by January 2023. Its deepest drop was 35.4%, from 2018 to 2020. As of December 31, 2025, its annualized returns were 31.1% over one year, 8.94% over five years and 3.77% over ten years.