ALTL vs SIZE: Grades, Fees and Holdings Compared

Pacer Lunt Large Cap Alternator ETF

ALTLDNYSE Arca

iShares MSCI USA Size Factor ETF

SIZEANYSE Arca

Overlap

14.9%by weight

Expense ratio

SIZE −0.45pt a year

ALTL0.60%SIZE0.15%

Avg volume · 30D

ALTL 1.5×the volume

ALTL8.06KSIZE5.21K

5Y return · a year

SIZE +9.1pt

ALTL−1.7%SIZE+7.4%

ALTL vs SIZE Performance

Nov 2, 2021 – Nov 2, 2026

−8.0%ALTL+43.0%SIZE

Expense ratio: ALTL 0.60%; SIZE 0.15%, better
Fund size: ALTL $73M; SIZE $433M
1Y total return: ALTL −12.2%; SIZE +14.4%, better
Yield (12M): ALTL 1.53%, better; SIZE 1.36%
Holdings: ALTL 100; SIZE 518
Avg volume (30D): ALTL 8.06K sh, better; SIZE 5.21K sh
NAV per share: ALTL $39.27; SIZE $180.22
52W range

ETF.net Grade

Pillar letters and Scores for ALTL, SIZE, with each pillar’s weight
Pillar	ALTL	SIZE
Cost30% weight	F10	A81Higher
Mission25% weight	Not scored	A93
Risk15% weight	F14	B66Higher
Tradability15% weight	D38Higher	F23
Holdings10% weight	A80	A88Higher
Durability5% weight	F13	B57Higher

Rank among US Factor Index funds

How we build Categories ›

Same Category. ALTL and SIZE are both graded against the same 30 US Factor Index funds, so their Grades compare head to head.

US Factor Index⁠

Category · 30 funds

See all 30 ›

SIZE ranks 3rd and ALTL 28th of 30 funds in the US Factor Index Category.

Rank 1AMGVVanguard Morningstar Mega Cap Value ETFScore 78
Rank 2AUSCAXtrackers MSCI USA Climate Action Equity ETFScore 74
Rank 3ASIZEiShares MSCI USA Size Factor ETFScore 72
Rank 4ADXUVU.S. Vector Equity Portfolio ETF Class SharesScore 70
Rank 26DQFHDPacer S&P 500 Quality FCF High Dividend ETFScore 29
Rank 28DALTLPacer Lunt Large Cap Alternator ETFScore 25
LVHDNot yet graded
SPHDNot yet graded

Our read on each fund

ETF.net Research

ALTLDPacer Lunt Large Cap Alternator ETF

SIZEAiShares MSCI USA Size Factor ETF

In short

ALTL Most factor funds blend their bets. ALTL flips a switch: each month it holds either the S&P 500's 100 lowest-volatility names or its 100 highest-beta ones, never both, based on a relative-strength signal.

SIZE The size factor without leaving the large-cap pool: SIZE holds roughly 500 US stocks and leans toward the smaller names in that universe, spreading weight away from the mega-cap giants. An iShares factor original from 2013.

Stated mandate

ALTL ALTL seeks to track an index that alternates between low-volatility and high-beta stocks within the S&P 500. The rules-based index rotates monthly using a relative-strength signal.

SIZE The fund seeks to track an index of U.S. stocks that have smaller market capitalizations relative to their peers.

Why people hold it

ALTL The mechanism is refreshingly simple to hold in your head: one relative-strength reading, two possible portfolios, checked monthly. You own S&P 500 large caps either way, just the calm 100 or the jumpy 100.paceretfs.com
Rules do the deciding, not a manager's gut. The Lunt Capital index is calculated by S&P Dow Jones Indices, and the switch fires on schedule regardless of how the headlines feel.paceretfs.com
The rotation happens inside the fund. You are not the one selling a low-vol basket and buying a high-beta one in your own account every time the signal turns.paceretfs.com
Both sleeves are drawn from the same 500-stock universe, so the portfolio stays roughly 100 recognizable US large caps rather than wandering into small caps or overseas names.composer.trade

SIZE Charges 0.15%, roughly half the typical fee among US factor ETFs.
Tracks the MSCI USA Low Size Index tightly, one of the closer index implementations in its peer group.
Roughly 500 holdings, so no single name dominates the way it does in a cap-weighted US index.
Running since 2013, one of the original iShares single-factor funds rather than a recent launch.ishares.com

Worth knowing

ALTL At 0.60%, the fee sits at the expensive end of US factor ETFs. Plain-vanilla peers in the group price far lower: MGV at 0.05%, SIZE at 0.15%.
All-or-nothing by design. Hold the wrong sleeve for a month and there is no other sleeve cushioning it. The prospectus flags alternator strategy risk and high portfolio turnover.paceretfs.com
Shares change hands lightly compared with the category's giants, so bid-ask spreads and order type matter more here than with a mega-liquid index fund.

SIZE Thinly traded next to headline index funds, so bid-ask spreads can run wider and bigger orders need more care.
This is a tilt, not a small-cap fund: the index draws from US large and mid caps and favors the smaller end of that pool.
A mid-sized fund by category standards, not one of the asset-gathering giants. Pays quarterly.

Full ALTL profile⁠

Full SIZE profile⁠

ALTL vs SIZE Holdings

How ALTL and SIZE differ

Overlap by weight

14.9%

Shared holdings make up 85.7% of ALTL and 14.9% of SIZE.

Level by level

Holdings85 in both14.9%
Sector11 Sectors67.6%
Countryby domicile97.9%
Asset classEquity100%

Sector

Sector weights in ALTL and SIZE, widest gap first
Sector	More in ALTLMore in SIZE	ALTL	SIZE
Technology	ALTL +32.1 points	50.0%	17.9%
Health Care	SIZE +6.7 points	6.1%	12.8%
Financials	SIZE +5.9 points	10.2%	16.1%
Consumer Staples	SIZE +4.8 points	0.9%	5.7%
Real Estate	SIZE +4.5 points	0.0%	4.5%
Energy	SIZE +3.7 points	0.6%	4.3%
Utilities	SIZE +2.9 points	2.3%	5.2%
Industrials	SIZE +2.0 points	14.2%	16.2%
Materials	SIZE +1.6 points	3.2%	4.8%
Consumer Discretionary	ALTL +0.3 points	9.3%	9.0%
Communication	SIZE +0.1 points	3.2%	3.3%

Country, concentration and asset class

Country by domicile

Country weights in ALTL and SIZE, widest gap first
Country	More in ALTLMore in SIZE	ALTL	SIZE
Mexico	ALTL +1.0 points	1.1%	0.1%
China	ALTL +0.7 points	0.9%	0.2%
United Kingdom	SIZE +0.6 points	0.0%	0.6%
Switzerland	SIZE +0.6 points	0.0%	0.6%
Other countries (5)	SIZE +0.5 points	98.0%	98.5%

Concentration

Weight in the 10 largest Holdings

ALTL18.7%
SIZE3.7%

Securities held

ALTL99
SIZE515

Asset class

ALTL: Equity
SIZE: Equity

Holdings

Only in ALTL14
In both85
Only in SIZE430

Only in ALTL

14 securities, 14.2% of ALTL by weight

Moderna Inc3.39%
Norwegian Cruise Line Holdings Ltd1.04%
Revvity Inc0.97%
Generac Holdings Inc0.94%
Charles River Laboratories International Inc0.92%
Zebra Technologies Corp0.89%
Stanley Black & Decker Inc0.88%
Invesco Ltd0.85%
Southwest Airlines Co0.81%
Ralph Lauren Corp0.78%
Aptiv PLC0.76%
Align Technology Inc0.72%
Lululemon Athletica Inc0.69%
Albemarle Corp0.58%

Only in SIZE

430 securities, 84.9% of SIZE by weight

Okta Class A0.47%
Atlassian Corp Class A0.42%
Natera0.40%
Sharkninja0.39%
Veeva Systems Class A0.36%
Vivmark Residential0.36%
Snowflake0.33%
Illumina Inc0.32%
Everpure Inc Class A0.32%
Best Buy0.32%
Marathon Petroleum0.31%
Mettler Toledo0.30%
Agilent Technologies Inc0.30%
Iqvia Holdings Inc0.29%
Cdw0.29%
Workday Class A0.29%
Dollar Tree Inc0.28%
Phillips 660.28%
Williams Sonoma Inc0.28%
Valero Energy Corp0.28%
Thermo Fisher Scientific0.27%
Global Payments Inc0.27%
Labcorp Holdings0.27%
Regeneron Pharmaceuticals0.27%
Jacobs Solutions Inc0.27%
Roper Technologies0.27%
Toast Class A0.27%
Palo Alto Networks0.27%
Hp Inc0.26%
Samsara Class A0.26%
Accenture PLC Class A0.26%
Waters Corp0.26%
Ptc0.26%
West Pharmaceutical Services0.26%
Zscaler0.26%
Genuine Parts0.26%
Corebridge Financial Inc0.25%
Ulta Beauty Inc0.25%
Quest Diagnostics Inc0.25%
Expedia Group0.25%
Biogen0.25%
Arthur J Gallagher0.25%
Becton Dickinson0.25%
Humana0.25%
Amcor PLC0.25%
International Flavors & Fragrances0.25%
Amgen Inc0.25%
Danaher0.25%
Cloudflare Class A0.25%
Cheniere Energy0.25%

Weight gaps

All 85 Holdings in both funds, largest gap first.

Holding weights in ALTL and SIZE, widest gap first
Holding	More in ALTLMore in SIZE	ALTL	SIZE
Sandisk CorpSNDK	ALTL +1.95 points	2.09%	0.14%
Advanced Micro Devices IncAMD	ALTL +1.67 points	1.87%	0.20%
Micron Technology IncMU	ALTL +1.65 points	1.86%	0.21%
Super Micro Computer IncSMCI	ALTL +1.54 points	1.75%	0.21%
Coinbase Global IncCOIN	ALTL +1.53 points	1.67%	0.14%
Tesla IncTSLA	ALTL +1.38 points	1.54%	0.16%
Marvell Technology IncMRVL	ALTL +1.34 points	1.54%	0.20%
Robinhood Markets IncHOOD	ALTL +1.32 points	1.53%	0.21%
Lumentum Holdings IncLITE	ALTL +1.31 points	1.48%	0.17%
Western Digital CorpWDC	ALTL +1.23 points	1.37%	0.14%
Lam Research CorpLRCX	ALTL +1.18 points	1.33%	0.15%
Teradyne IncTER	ALTL +1.08 points	1.24%	0.16%
Vertiv Holdings CoVRT	ALTL +1.08 points	1.21%	0.13%
Monolithic Power Systems IncMPWR	ALTL +1.08 points	1.23%	0.15%
ON Semiconductor CorpON	ALTL +1.05 points	1.18%	0.13%
Kla CorpKLAC	ALTL +1.03 points	1.19%	0.16%
Carnival Corp LtdCCL	ALTL +1.00 points	1.23%	0.23%
Ciena CorpCIEN	ALTL +1.00 points	1.11%	0.11%
Carvana CoCVNA	ALTL +0.98 points	1.18%	0.20%
Corning IncGLW	ALTL +0.98 points	1.10%	0.12%
NXP Semiconductors NVNXPI	ALTL +0.98 points	1.14%	0.16%
QUALCOMM IncQCOM	ALTL +0.97 points	1.12%	0.15%
Coherent CorpCOHR	ALTL +0.96 points	1.07%	0.11%
Flex LtdFLEX	ALTL +0.95 points	1.08%	0.13%
Microchip Technology IncMCHP	ALTL +0.95 points	1.11%	0.16%
Freeport-McMoRan IncFCX	ALTL +0.94 points	1.13%	0.19%
Applied Materials IncAMAT	ALTL +0.93 points	1.09%	0.16%
Intel CorpINTC	ALTL +0.93 points	1.03%	0.10%
Synopsys IncSNPS	ALTL +0.90 points	1.07%	0.17%
Comfort Systems USA IncFIX	ALTL +0.88 points	1.00%	0.12%
Seagate Technology Holdings PLCSTX	ALTL +0.86 points	1.01%	0.15%
EchoStar CorpECHO	ALTL +0.85 points	0.98%	0.13%
Skyworks Solutions IncSWKS	ALTL +0.84 points	1.06%	0.22%
AppLovin CorpAPP	ALTL +0.84 points	0.92%	0.08%
Block IncXYZ	ALTL +0.84 points	1.04%	0.20%
NVIDIA CorpNVDA	ALTL +0.84 points	0.98%	0.14%
Broadcom IncAVGO	ALTL +0.82 points	0.95%	0.13%
Oracle CorpORCL	ALTL +0.81 points	0.93%	0.12%
United Airlines Holdings IncUAL	ALTL +0.81 points	1.03%	0.22%
GE Vernova IncGEV	ALTL +0.80 points	0.95%	0.15%
Analog Devices IncADI	ALTL +0.80 points	0.98%	0.18%
Cadence Design Systems IncCDNS	ALTL +0.78 points	0.95%	0.17%
Palantir Technologies IncPLTR	ALTL +0.78 points	1.01%	0.23%
Arista Networks IncANET	ALTL +0.75 points	0.96%	0.21%
Interactive Brokers Group IncIBKR	ALTL +0.75 points	0.92%	0.17%
Keysight Technologies IncKEYS	ALTL +0.74 points	0.90%	0.16%
Jabil IncJBL	ALTL +0.72 points	0.87%	0.15%
Estee Lauder Cos Inc/TheEL	ALTL +0.72 points	0.99%	0.27%
Royal Caribbean Cruises LtdRCL	ALTL +0.71 points	0.94%	0.23%
EMCOR Group IncEME	ALTL +0.71 points	0.86%	0.15%
Hewlett Packard Enterprise CoHPE	ALTL +0.70 points	1.01%	0.31%
Quanta Services IncPWR	ALTL +0.69 points	0.85%	0.16%
Dell Technologies IncDELL	ALTL +0.68 points	1.00%	0.32%
Amphenol CorpAPH	ALTL +0.68 points	0.91%	0.23%
TE Connectivity PLCTEL	ALTL +0.68 points	0.88%	0.20%
Texas Instruments IncTXN	ALTL +0.68 points	0.85%	0.17%
Meta Platforms IncMETA	ALTL +0.67 points	0.84%	0.17%
Delta Air Lines IncDAL	ALTL +0.66 points	0.88%	0.22%
Crowdstrike Holdings IncCRWD	ALTL +0.65 points	0.94%	0.29%
Vistra CorpVST	ALTL +0.65 points	0.84%	0.19%
Rockwell Automation IncROK	ALTL +0.65 points	0.84%	0.19%
Emerson Electric CoEMR	ALTL +0.65 points	0.88%	0.23%
Ares Management CorpARES	ALTL +0.64 points	0.84%	0.20%
Amazon.com IncAMZN	ALTL +0.62 points	0.77%	0.15%
Goldman Sachs Group Inc/TheGS	ALTL +0.61 points	0.78%	0.17%
Newmont CorpNEM	ALTL +0.61 points	0.79%	0.18%
Eaton Corp PLCETN	ALTL +0.60 points	0.78%	0.18%
Cummins IncCMI	ALTL +0.60 points	0.74%	0.14%
Caterpillar IncCAT	ALTL +0.58 points	0.70%	0.12%
Alphabet IncGOOG	ALTL +0.57 points	0.62%	0.05%
Constellation Energy CorpCEG	ALTL +0.57 points	0.75%	0.18%
NRG Energy IncNRG	ALTL +0.53 points	0.68%	0.15%
Crh PLCCRH	ALTL +0.52 points	0.69%	0.17%
KKR & Co IncKKR	ALTL +0.52 points	0.70%	0.18%
First Solar IncFSLR	ALTL +0.51 points	0.66%	0.15%
Citigroup IncC	ALTL +0.51 points	0.69%	0.18%
Capital One Financial CorpCOF	ALTL +0.50 points	0.70%	0.20%
Ingersoll Rand IncIR	ALTL +0.50 points	0.72%	0.22%
Morgan StanleyMS	ALTL +0.49 points	0.66%	0.17%
Lennox International IncLII	ALTL +0.47 points	0.61%	0.14%
DoorDash IncDASH	ALTL +0.47 points	0.68%	0.21%
Smurfit Westrock PLCSW	ALTL +0.46 points	0.69%	0.23%
NetApp IncNTAP	ALTL +0.42 points	0.73%	0.31%
Tapestry IncTPR	ALTL +0.41 points	0.58%	0.17%
Blackstone IncBX	ALTL +0.40 points	0.59%	0.19%

All 101 ALTL holdings⁠All 515 SIZE holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ALTL vs SIZE Cost

Overpaying ALTL vs SIZE

$8,680

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ALTL 0.60%
$11,817
SIZE 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

ALTL 0.60%
SIZE 0.15%
Overpaying

Year by year

Year	ALTL	SIZE	Overpaying
10	$1,076	$274	$802
20	$4,116	$1,071	$3,045
30	$11,817	$3,137	$8,680

Expense ratio

0.60%ALTL
0.15%SIZE, cheaper

SIZE0.15%ALTL0.60%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

SIZE 5th cheapest of 30 funds

ALTL 27th cheapest of 30 funds

ALTL vs SIZE Dividends

Last 12 months to Nov 2, 2026

Yield (12M): ALTL 1.53%, better; SIZE 1.36%
Payout (12M): ALTL $0.59; SIZE $2.47
Last payment: ALTL $0.20; SIZE $0.65
Ex-dividend: ALTL Sep 3, 2026; SIZE Sep 15, 2026
Paid on: ALTL Sep 8, 2026; SIZE Sep 18, 2026
Frequency: ALTL Quarterly; SIZE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ALTLQuarterly · 25 paymentsAll ALTL payments⁠

SIZEQuarterly · 41 paymentsAll SIZE payments⁠

ALTL vs SIZE Risk

Fall from peak · 5 years

ALTL
SIZE

Risk facts

VolatilityStd dev, 3 years: ALTL 16.8%SIZE 13.0%, better
Return per unit of riskSharpe ratio, 3 years: ALTL 0.33SIZE 1.06, better
Worst fallMax drawdown, 5 years: ALTL −31.9%SIZE −24.0%, better
Market sensitivityBeta, 5 years: ALTL 0.81SIZE 0.97; Market = 1

Popular comparisons

ALTLDvsMGVA
Pacer Lunt Large Cap Alternator ETF · Vanguard Morningstar Mega Cap Value ETF
Expense ratio
0.60% · 0.05%
Category
SIZEAvsMGVA
iShares MSCI USA Size Factor ETF · Vanguard Morningstar Mega Cap Value ETF
Expense ratio
0.15% · 0.05%
Category
ALTLDvsUSCAA
Pacer Lunt Large Cap Alternator ETF · Xtrackers MSCI USA Climate Action Equity ETF
Expense ratio
0.60% · 0.07%
Category
SIZEAvsUSCAA
iShares MSCI USA Size Factor ETF · Xtrackers MSCI USA Climate Action Equity ETF
Expense ratio
0.15% · 0.07%
Category
ALTLDvsDXUVA
Pacer Lunt Large Cap Alternator ETF · U.S. Vector Equity Portfolio ETF Class Shares
Expense ratio
0.60% · 0.25%
Category
SIZEAvsDXUVA
iShares MSCI USA Size Factor ETF · U.S. Vector Equity Portfolio ETF Class Shares
Expense ratio
0.15% · 0.25%
Category