Targeting growth across both rising and falling rate environments
Investment Manager
Rate agnostic
Wall Street has consistently shown it cannot accurately predict interest rates. With this in mind, the ETF uses its Shape Management methodology to target long-term performance and consistent growth across both rising and falling rate environments.
Interest rate defence
Many European investors use investment grade government and corporate bonds for their fixed income exposure. We believe these underperform when rates rise. The ETF aims to provide investors with access to sectors we believe will perform well in rising rate environments, alongside sectors that should perform well in a rates down environment.
Diversification
PT Asset Management’s investment process, Shape Management, helps to curate a portfolio that looks very different from its peers, and provides exposure to many niche fixed income sectors.
Government backing
The U.S. government issues and fully backs U.S. bonds, which has historically led to them being considered as a stable investment.
Bonds can potentially reduce risk, as they perform differently from stocks. This can help defend against market fluctuations.
Long-term growth
U.S. bonds may offer consistent long-term growth across a variety of rate environments.
- Oversees PTAM, working with portfolio managers on investment strategy. - 32 years of industry experience - BCom in Finance from Concordia University
- 32 years of industry experience - BA in economics from Indiana University and CFA® charterholder
- 22 years of industry experience - BBA from University of Michigan and MBA from the University of Chicago Booth School of Business
- 29 years of industry experience - BBA from University of North Dakota and CFA® charterholders
- 13 years of industry experience - BS from North Park University and CFA® charterholder
- 23 years of industry experience - BS from University of Kansas and JD from DePaul University College of Law
Performance Trust Total Return Bond UCITS ETF EUR Hedged (PTEU) is a U.S. Bond ETF which is actively managed by the expert team at PT Asset Management.
Nearly 30 years ago, PTAMs founders recognised the historical problems with traditional fixed income metrics, such as inaccurate interest rate predictions and yield metrics based on incomplete information and assumptions.
They therefore developed Shape Management, an investment process that addresses these shortcomings by analysing the risk-return profile of a bond’s future cashflow.
The broad allocation strategy involves investing approximately 50% in offensive sectors, and 50% in defensive sectors, as outlined below:
Offensive Sectors (Approximately 50%)
Defensive Sectors (Approximately 50%)
• Nearly 30 years ago, PTAM’s founders recognised the above shortcomings and developed Shape Management, an investment process that addresses each of these shortcomings by analysing the risk- return profile of a bond’s future cashflow.
• Let’s consider two bonds, Bond A and Bond B. Looking at the table overleaf, they seem similar – but Bond B has a higher yield and lower duration. The average investor would say Bond B is the obvious choice. These bonds are from the same issuer and issuance, so no differences in pricing can be attributable to credit.
• But what happens if we compute the total returns of these two bonds (over a three-year horizon) in various interest rate scenarios? Shape Management tells us a different story.
• A is non-callable (no imbedded optionality) while Bond B has a ten-year call. The embedded optional call in Bond B creates an asymmetric total return profile: if rates fall, the bond will appreciate like a 10-year bond and if rates rise, the bond will depreciate like a 25-year bond. As an investor, you want the opposite. A bond to appreciate aggressively if rates fall and depreciate slowly if rates rise.
For illustrative purposes only. Shape Management is a mathematical calculation that analyzes the risk return profile of a bond’s future cash flows. Assumptions: (1) a parallel shift in the yield curve (2) linear rate changes (3) sector specific spreads are held constant across five rate scenarios (4) reinvestment rate consistent with respective sector. More details of security selection and methodology can be obtained by emailing mutualfunds@ptam.com. Sources: Bloomberg, PTAM. There can be no guarantee that any strategy will be successful. All investing involves risk, including potential loss of principal. Past performance does not guarantee future results.
Performance Trust Total Return Bond ETF EUR Hedged (PTEU) aims to provide exposure to U.S. bonds, while employing PT Asset Management’s Shape Management methodology to target long-term performance and consistent growth across both rising and falling rate environments.
The Active U.S Bond ETF is actively managed by a senior investment team with a deep expertise and proven track record, while using Shape Management to help curate a portfolio that looks different to its peers and provides exposure to many niche fixed income sectors.
The Active U.S. Bond ETF is actively managed by the expert team at PT Asset Management.
In this episode of our “Meet the Manager” series, Sean Dranfield, CEO and Principal at PT Asset Management, explains how an active approach can help navigate today’s fixed income markets.
Sean discusses his background, PT Asset Management’s investment philosophy, and why active bond selection can be an important consideration for investors looking to understand the opportunities and challenges within fixed income.
Key Risks
Past performance is not indicative of future performance. When you invest in ETFs your capital is fully at risk and may not get back the amount originally invested. Exchange rates can have a positive or negative effect on returns. The value of equities and equity-related securities can be affected by daily stock and currency market movements.
As of 30.09.2024
Source: HANetf, data as of . Please note that all performance figures are showing net data. Performance before inception is based on back-tested data. Back-testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in [Base currency]. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled “Risk Factors” for further details of risks associated with an investment in this product. If fund is less than 12 months old, YTD field will be calculated since inception. When you invest in Active U.S. Bond ETFs your capital is at risk.
No. of holdings: 57
Explore our expert-written monthly fund reports, periodic reviews, and key insights.
Active U.S Bond Monthly Report | July 2026
July 2026
PT Asset Management (PTAM) is a Chicago-based boutique fixed income asset manager that applies Shape Management, a interest-rate agnostic approach to fixed income security selection. PTAM was founded in 2008 by partners of its affiliate, Performance Trust Capital Partners LLC (PTCP).
PTCP provides broker-dealer services for financial institutions, and saw an opportunity to take advantage of the dislocated credit markets in 2008 by leveraging its fixed income expertise and launching a hedge fund. In 2010, PTAM’s first mutual fund, the Performance Trust Total Return Bond Fund (PTIAX), was launched. As of June 30, 2024, PTAM manages over $8B across their 3 mutual funds and newly launched ETF.
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