The Pacer Trendpilot US Large Cap ETF PTLC switches between all equity, all T-bills or a 50/50 mix, depending on the S&P 500 Index value and its moving average. Pacer Trendpilot US Large Cap ETF (PTLC): ETF Research Reports Investors believe that “cash is king” in the current environment of surging inflation, rising rates, and a potential economic downturn.