CALF vs SIZE: Grades, Fees and Holdings Compared

Pacer US Small Cap Cash Cows ETF

CALFDCboe

iShares MSCI USA Size Factor ETF

SIZEANYSE Arca

Overlap

2.9%by weight

Expense ratio

SIZE −0.44pt a year

CALF0.59%SIZE0.15%

Avg volume · 30D

CALF 100.3×the volume

CALF523KSIZE5.21K

5Y return · a year

CALF +0.5pt

CALF+8.0%SIZE+7.5%

CALF vs SIZE Performance

Oct 29, 2021 – Oct 30, 2026

+47.2%CALF+43.6%SIZE

Expense ratio: CALF 0.59%; SIZE 0.15%, better
Fund size: CALF $3.84B; SIZE $433M
1Y total return: CALF +36.6%, better; SIZE +13.8%
Yield (12M): CALF 1.09%; SIZE 1.37%, better
Holdings: CALF 201; SIZE 518
Avg volume (30D): CALF 523K sh, better; SIZE 5.21K sh
NAV per share: CALF $58.47; SIZE $180.22
52W range

ETF.net Grade

Pillar letters and Scores for CALF, SIZE, with each pillar’s weight
Pillar	CALF	SIZE
Cost30% weight	F14	A81Higher
Mission25% weight	D34	A93Higher
Risk15% weight	C47	B66Higher
Tradability15% weight	B62Higher	F23
Holdings10% weight	A79	A88Higher
Durability5% weight	C46	B57Higher

Rank among US Factor Index funds

How we build Categories ›

Same Category. CALF 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 CALF 21st 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 20CPOWAInvesco Bloomberg Pricing Power ETFScore 42
Rank 21DCALFPacer US Small Cap Cash Cows ETFScore 39
Rank 22DHAPSHarbor Human Capital Factor US Small Cap ETFScore 37

Our read on each fund

ETF.net Research

CALFDPacer US Small Cap Cash Cows ETF

SIZEAiShares MSCI USA Size Factor ETF

In short

CALF Small caps, one filter: cash. CALF ranks the S&P US small-cap universe by free cash flow yield and keeps the top 200, a cash-first alternative to the usual book-value screens. Running since 2017.

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

CALF The fund seeks long-term capital appreciation by screening the S&P US SmallCap universe and selecting the top 200 small-cap companies based on free cash flow yield.

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

CALF The screen is blunt in a good way: rank the S&P US small-cap universe on free cash flow yield, own the top 200. The filter rewards businesses generating cash, not just cheap-looking balance sheets.
Easy to get in and out of. It is an actively traded fund with over a billion in assets, and one of the smoother names to trade in its small-cap peer group.
Not a science project. Live since 2017, roughly 200 holdings, distributions paid quarterly, and it sits in the upper half of a crowded field of 35 small-cap strategy funds.

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

CALF 0.59% a year is real money next to the systematic small-cap crowd, where AVUV and AVSC charge 0.25% and DUHP 0.20%. The cash flow screen is what you are paying up for.
One factor drives the whole portfolio. A free cash flow screen can pile into whichever sectors are throwing off cash, so the sector mix can look nothing like a plain small-cap index.
Small caps move harder than large caps, and this one holds only a slice of the universe (about 200 names), so choppy stretches come with the design.

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 CALF profile⁠

Full SIZE profile⁠

CALF vs SIZE Holdings

As of Oct 23, 2026

How CALF and SIZE differ

Overlap by weight

2.9%

Shared holdings make up 22.6% of CALF and 2.9% of SIZE.

Level by level

Holdings13 in both2.9%
Sector11 Sectors65.8%
Countryby domicile97.7%
Asset classEquity100%

Sector

Sector weights in CALF and SIZE, widest gap first
Sector	More in CALFMore in SIZE	CALF	SIZE
Financials	SIZE +15.9 points	0.2%	16.1%
Consumer Discretionary	CALF +13.6 points	22.6%	9.0%
Energy	CALF +8.2 points	12.5%	4.3%
Technology	CALF +6.0 points	23.9%	17.9%
Utilities	SIZE +5.2 points	0.0%	5.2%
Industrials	SIZE +5.0 points	11.2%	16.2%
Communication	CALF +4.9 points	8.2%	3.3%
Health Care	SIZE +3.1 points	9.7%	12.8%
Real Estate	SIZE +2.7 points	1.8%	4.5%
Materials	SIZE +2.1 points	2.7%	4.8%
Consumer Staples	CALF +1.6 points	7.3%	5.7%

Country, concentration and asset class

Country by domicile

Country weights in CALF and SIZE, widest gap first
Country	More in CALFMore in SIZE	CALF	SIZE
United States	CALF +1.5 points	99.2%	97.7%
United Kingdom	SIZE +0.6 points	0.0%	0.6%
Switzerland	SIZE +0.6 points	0.0%	0.6%
Other countries (8)	SIZE +0.3 points	0.8%	1.1%

Concentration

Weight in the 10 largest Holdings

CALF20.4%
SIZE3.7%

Securities held

CALF199
SIZE515

Asset class

CALF: Equity
SIZE: Equity

Holdings

Only in CALF186
In both13
Only in SIZE502

Only in CALF

186 securities, 77.2% of CALF by weight

HF Sinclair Corp2.21%
Ovintiv Inc2.03%
Tenet Healthcare Corp2.00%
Aptiv PLC1.91%
APA Corp1.91%
GoDaddy Inc1.54%
J M Smucker Co/The1.38%
Gartner Inc1.29%
Pinterest Inc1.27%
Docusign Inc1.22%
Sirius XM Holdings Inc1.18%
Exelixis Inc1.11%
Molson Coors Beverage Co1.10%
Versant Media Group Inc1.09%
Lululemon Athletica Inc1.08%
Jazz Pharmaceuticals PLC1.07%
Match Group Inc1.02%
Lyft Inc1.00%
Maplebear Inc1.00%
Chord Energy Corp0.97%
ADT Inc0.94%
Bath & Body Works Inc0.93%
Macy's Inc0.91%
Booz Allen Hamilton Holding Corp0.91%
Toll Brothers Inc0.90%
Albemarle Corp0.89%
Millrose Properties Inc0.87%
BorgWarner Inc0.86%
Oshkosh Corp0.84%
Gap Inc/The0.83%
Dropbox Inc0.81%
Transocean Ltd0.79%
Teradata Corp0.72%
PVH Corp0.69%
H&R Block Inc0.66%
Globus Medical Inc0.66%
Toro Co/The0.65%
Crescent Energy Co0.63%
Lear Corp0.63%
Mohawk Industries Inc0.62%
DXC Technology Co0.62%
Trade Desk Inc/The0.61%
Kohl's Corp0.61%
Crocs Inc0.61%
EnerSys0.58%
Delek US Holdings Inc0.58%
RingCentral Inc0.56%
A O Smith Corp0.55%
Science Applications International Corp0.53%
Scorpio Tankers Inc0.53%

Only in SIZE

502 securities, 97.0% 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%
Dell Technologies Inc Class C0.32%
Illumina Inc0.32%
Everpure Inc Class A0.32%
Netapp Inc0.31%
Hewlett Packard Enterprise0.31%
Marathon Petroleum0.31%
Mettler Toledo0.30%
Agilent Technologies Inc0.30%
Iqvia Holdings Inc0.29%
Cdw0.29%
Workday Class A0.29%
Crowdstrike Holdings 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%
Estee Lauder Inc Class A0.27%
Regeneron Pharmaceuticals0.27%
Jacobs Solutions Inc0.27%
Roper Technologies0.27%
Toast Class A0.27%
Palo Alto Networks0.27%
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%
Biogen0.25%
Arthur J Gallagher0.25%
Becton Dickinson0.25%
Humana0.25%
Amcor PLC0.25%
International Flavors & Fragrances0.25%
Amgen Inc0.25%
Danaher0.25%

Weight gaps

All 13 Holdings in both funds, largest gap first.

Holding weights in CALF and SIZE, widest gap first
Holding	More in CALFMore in SIZE	CALF	SIZE
Cognizant Technology Solutions CorpCTSH	CALF +2.04 points	2.28%	0.24%
Sunbelt Rentals Holdings IncSUNB	CALF +1.91 points	2.12%	0.21%
Omnicom Group IncOMC	CALF +1.78 points	2.00%	0.22%
Expand Energy CorpEXE	CALF +1.75 points	1.92%	0.17%
Expedia Group IncEXPE	CALF +1.75 points	2.00%	0.25%
Kraft Heinz Co/TheKHC	CALF +1.68 points	1.88%	0.20%
Leidos Holdings IncLDOS	CALF +1.56 points	1.78%	0.22%
HP IncHPQ	CALF +1.47 points	1.73%	0.26%
Zoom Communications IncZM	CALF +1.46 points	1.64%	0.18%
Incyte CorpINCY	CALF +1.21 points	1.45%	0.24%
Best Buy Co IncBBY	CALF +1.18 points	1.50%	0.32%
CF Industries Holdings IncCF	CALF +1.18 points	1.37%	0.18%
Deckers Outdoor CorpDECK	CALF +0.80 points	0.97%	0.17%

All 200 CALF 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.

CALF vs SIZE Cost

Overpaying CALF vs SIZE

$8,498

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

CALF 0.59%
$11,635
SIZE 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

CALF 0.59%
SIZE 0.15%
Overpaying

Year by year

Year	CALF	SIZE	Overpaying
10	$1,058	$274	$784
20	$4,051	$1,071	$2,980
30	$11,635	$3,137	$8,498

Expense ratio

0.59%CALF
0.15%SIZE, cheaper

SIZE0.15%CALF0.59%

0.05%0.63%

Middle half of US Factor Index funds
Median 0.30%

SIZE 5th cheapest of 30 funds

CALF 26th cheapest of 30 funds

CALF vs SIZE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CALF 1.09%; SIZE 1.37%, better
Payout (12M): CALF $0.64; SIZE $2.47
Last payment: CALF $0.19; SIZE $0.65
Ex-dividend: CALF Sep 3, 2026; SIZE Sep 15, 2026
Paid on: CALF Sep 8, 2026; SIZE Sep 18, 2026
Frequency: CALF Quarterly; SIZE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CALFQuarterly · 35 paymentsAll CALF payments⁠

SIZEQuarterly · 41 paymentsAll SIZE payments⁠

CALF vs SIZE Risk

Fall from peak · 5 years

CALF
SIZE

Risk facts

VolatilityStd dev, 3 years: CALF 20.1%SIZE 13.0%, better
Return per unit of riskSharpe ratio, 3 years: CALF 0.58SIZE 1.06, better
Worst fallMax drawdown, 5 years: CALF −34.2%SIZE −24.0%, better
Market sensitivityBeta, 5 years: CALF 1.03SIZE 0.97; Market = 1

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