COWG vs ILCG: Grades, Fees and Holdings Compared

Pacer US Large Cap Cash Cows Growth Leaders ETF

COWGBNasdaq

iShares Morningstar Growth ETF

ILCGANYSE Arca

Overlap

14.2%by weight

Expense ratio

ILCG −0.45pt a year

COWG0.49%ILCG0.04%

Avg volume · 30D

COWG 3.6×the volume

COWG256KILCG70.4K

3Y return · a year

COWG +0.7pt

COWG+24.7%ILCG+24.0%

COWG vs ILCG Performance

Oct 31, 2025 – Oct 30, 2026

+8.5%COWG+3.2%ILCG

Expense ratio: COWG 0.49%; ILCG 0.04%, better
Fund size: COWG $2.3B; ILCG $3B
1Y total return: COWG +8.5%, better; ILCG +3.2%
Yield (12M): COWG 0.75%, better; ILCG 0.44%
Holdings: COWG 101; ILCG 328
Avg volume (30D): COWG 256K sh, better; ILCG 70.4K sh
NAV per share: COWG $39.39; ILCG $109.98
52W range

ETF.net Grade

Pillar letters and Scores for COWG, ILCG, with each pillar’s weight
Pillar	COWG	ILCG
Cost30% weight	F18	A96Higher
Mission25% weight	A92	A100Higher
Risk15% weight	B57Higher	C44
Tradability15% weight	B66Higher	B64
Holdings10% weight	B65Higher	C49
Durability5% weight	C50	B64Higher

Rank among US Growth Index funds

How we build Categories ›

Same Category. COWG and ILCG are both graded against the same 35 US Growth Index funds, so their Grades compare head to head.

US Growth Index⁠

Category · 35 funds

See all 35 ›

ILCG ranks 2nd and COWG 22nd of 35 funds in the US Growth Index Category.

Rank 1ASPYGState Street SPDR Portfolio S&P 500 Growth ETFScore 84
Rank 2AILCGiShares Morningstar Growth ETFScore 78
Rank 2AIMCGiShares Morningstar Mid-Cap Growth ETFScore 78
Rank 19BSNPGXtrackers S&P 500 Growth Scored & Screened ETFScore 59
Rank 22BCOWGPacer US Large Cap Cash Cows Growth Leaders ETFScore 55
Rank 23CRPGInvesco S&P 500 Pure Growth ETFScore 54

Our read on each fund

ETF.net Research

COWGBPacer US Large Cap Cash Cows Growth Leaders ETF

ILCGAiShares Morningstar Growth ETF

In short

COWG Pacer aimed its Cash Cows free-cash-flow playbook at growth stocks: roughly 100 Russell 1000 names chosen on cash generation and profitability rather than revenue growth alone. Growth, with the cash burners screened out.

ILCG Growth by Morningstar's rulebook. A 2004-vintage iShares fund that screens large and mid caps for above-average earnings, sales, cash-flow and book-value growth, and charges four basis points to do it.

Stated mandate

COWG The Fund seeks to track, before fees and expenses, the Pacer US Large Cap Cash Cows Growth Leaders Index. Its rules-based strategy selects growth companies from the Russell 1000 using free cash flow margin and related profitability screens.

ILCG The fund aims to follow an index of U.S. large- and mid-cap stocks chosen for above-average earnings, sales, cash-flow, and book-value growth.

Why people hold it

COWG The screen is the product: Russell 1000 growth companies ranked on free cash flow margin and related profitability tests, and the fund has tracked that index closely.paceretfs.com
About 100 holdings, so the cash flow filter actually shows up in the portfolio instead of being diluted across a several-hundred-name growth benchmark.
Has reached multi-billion-dollar scale since its 2022 launch, trades at moderate volume, and pays on a quarterly schedule.

ILCG 0.04% a year. The typical fund in its factor peer group charges roughly eight times that, so almost none of the return leaks out the fee door.
Uses Morningstar's growth definition (earnings, sales, cash flow, book value) rather than S&P's or Russell's, and reaches into mid caps, not just the S&P 500.ishares.com
Trading since 2004, a multi-billion-dollar fund holding roughly 300 stocks. Long-running plumbing, not a launch-week experiment.
Tracking has been tight, and the fund sits in the upper half of its factor cohort overall, with cost doing much of the heavy lifting.

Worth knowing

COWG The screen is not cheap: 0.49% a year against a growth-cohort median of 0.18%, and multiples of plain index rivals like VUG (0.03%) or SCHG (0.04%).
Short history. It launched in December 2022, so there is no full-cycle record behind the methodology yet.
A concentrated rules-based slice can look quite different from a standard large-cap growth index between rebalances, in either direction.

ILCG Pure growth means no value ballast, and the ride has been bumpier than most funds in its factor group. The style can sit out of favor for long stretches.
Concentration runs high for the cohort: cap-weighted growth screens funnel a big share of the fund into the same handful of mega-cap names.
Moderately traded, not a tape leader. Sibling IUSG applies S&P's growth definition at the same 0.04%, so the pick is which index rulebook you prefer.

Full COWG profile⁠

Full ILCG profile⁠

COWG vs ILCG Holdings

As of Oct 23, 2026

How COWG and ILCG differ

Overlap by weight

14.2%

Shared holdings make up 49.5% of COWG and 40.5% of ILCG.

Level by level

Holdings45 in both14.2%
Sector11 Sectors77.4%
Countryby domicile99.5%
Asset classEquity100%

Sector

Sector weights in COWG and ILCG, widest gap first
Sector	More in COWGMore in ILCG	COWG	ILCG
Technology	COWG +14.2 points	67.7%	53.5%
Industrials	ILCG +7.8 points	1.9%	9.7%
Health Care	COWG +6.4 points	13.0%	6.5%
Financials	ILCG +5.5 points	0.0%	5.5%
Consumer Discretionary	ILCG +5.1 points	4.6%	9.7%
Communication	ILCG +2.1 points	6.4%	8.5%
Energy	COWG +1.9 points	2.7%	0.8%
Real Estate	ILCG +1.6 points	0.0%	1.6%
Utilities	ILCG +0.6 points	0.3%	0.9%
Materials	COWG +0.1 points	1.5%	1.4%
Consumer Staples	Same weight	1.8%	1.8%

Country, concentration and asset class

Country by domicile

Country weights in COWG and ILCG, widest gap first
Country	More in COWGMore in ILCG	COWG	ILCG
United States	COWG +0.5 points	100.0%	99.5%
Other countries (5)	ILCG +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

COWG29.8%
ILCG49.8%

Securities held

COWG100
ILCG325

Asset class

COWG: Equity
ILCG: Equity

Holdings

Only in COWG55
In both45
Only in ILCG280

Only in COWG

55 securities, 50.5% of COWG by weight

Okta Inc3.68%
Unity Software Inc2.98%
Paycom Software Inc2.51%
Iridium Communications Inc2.20%
Nutanix Inc2.07%
Manhattan Associates Inc1.91%
Dynatrace Inc1.85%
Halozyme Therapeutics Inc1.70%
Docusign Inc1.65%
Workday Inc1.44%
Dropbox Inc1.32%
Duolingo Inc1.23%
Match Group Inc1.13%
Maplebear Inc1.12%
Pinterest Inc1.11%
Paychex Inc1.08%
Zoom Communications Inc1.04%
CCC Intelligent Solutions Holdings Inc1.02%
Salesforce Inc1.02%
Exelixis Inc1.01%
Gen Digital Inc0.94%
Jazz Pharmaceuticals PLC0.93%
Doximity Inc0.80%
Diamondback Energy Inc0.76%
GoDaddy Inc0.74%
Versant Media Group Inc0.74%
AbbVie Inc0.73%
Amgen Inc0.67%
Coca-Cola Co/The0.66%
Adobe Inc0.65%
Booking Holdings Inc0.65%
Ascendis Pharma A/S0.62%
Bentley Systems Inc0.56%
Philip Morris International Inc0.53%
Altria Group Inc0.51%
Gilead Sciences Inc0.47%
Southern Copper Corp0.46%
Viper Energy Inc0.45%
Antero Midstream Corp0.44%
Newmont Corp0.41%
DT Midstream Inc0.40%
Rambus Inc0.39%
Intuit Inc0.37%
ADT Inc0.36%
Graco Inc0.35%
Clearway Energy Inc0.33%
Pegasystems Inc0.32%
Ubiquiti Inc0.32%
Universal Display Corp0.31%
Anglogold Ashanti Plc0.31%

Only in ILCG

280 securities, 59.4% of ILCG by weight

Amazon.com Inc4.21%
Eli Lilly3.66%
Microsoft3.08%
Alphabet Class A3.01%
Advanced Micro Devices2.66%
Alphabet Class C2.43%
Tesla Inc2.26%
Meta Platforms Class A1.59%
Visa Class A1.14%
Ge Aerospace1.01%
Applied Material Inc1.00%
Intel Corporation0.99%
Lam Research0.97%
Mastercard Class A0.94%
Netflix0.84%
Walmart0.69%
Costco Wholesale Corp0.63%
Amphenol Corp Class A0.63%
Marvell Technology0.55%
Welltower0.55%
Caterpillar Inc0.51%
Seagate Technology Holdings PLC0.47%
Boeing0.44%
Oracle0.35%
Snowflake0.33%
Corning0.32%
Quanta Services Inc0.30%
Johnson Controls International PLC0.29%
Cloudflare Class A0.29%
Freeport Mcmoran Inc0.29%
Vertiv Holdings Class A0.28%
Dell Technologies Inc Class C0.28%
Motorola Solutions Inc0.26%
Howmet Aerospace0.26%
Deere0.25%
Hilton Worldwide Holdings0.25%
Royal Caribbean Group0.25%
Ecolab0.25%
Cintas0.24%
Lumentum Holdings0.24%
Moodys Corp0.24%
Oreilly Automotive Inc0.23%
Cummins Inc0.22%
Aon PLC Class A0.22%
Doordash Class A0.22%
Robinhood Markets Class A0.21%
Monster Beverage0.21%
Csx0.21%
Transdigm Group0.20%
Cencora0.20%

Weight gaps

All 45 Holdings in both funds, largest gap first.

Holding weights in COWG and ILCG, widest gap first
Holding	More in COWGMore in ILCG	COWG	ILCG
NVIDIA CorpNVDA	ILCG +14.50 points	0.90%	15.40%
Apple IncAAPL	ILCG +7.21 points	0.91%	8.12%
Broadcom IncAVGO	ILCG +4.20 points	0.72%	4.92%
Datadog IncDDOG	COWG +3.15 points	3.40%	0.25%
Fortinet IncFTNT	COWG +2.78 points	3.05%	0.27%
Crowdstrike Holdings IncCRWD	COWG +2.58 points	3.38%	0.80%
Credo Technology Group Holding LtdCRDO	COWG +2.54 points	2.62%	0.08%
Palo Alto Networks IncPANW	COWG +2.18 points	3.14%	0.96%
Sandisk CorpSNDK	COWG +2.13 points	2.38%	0.25%
Veeva Systems IncVEEV	COWG +1.69 points	1.84%	0.15%
F5 IncFFIV	COWG +1.66 points	1.69%	0.03%
Expedia Group IncEXPE	COWG +1.26 points	1.32%	0.06%
VeriSign IncVRSN	COWG +0.95 points	1.03%	0.08%
Micron Technology IncMU	COWG +0.94 points	2.71%	1.77%
ServiceNow IncNOW	COWG +0.93 points	1.28%	0.35%
Western Digital CorpWDC	COWG +0.91 points	1.34%	0.43%
Airbnb IncABNB	COWG +0.89 points	1.10%	0.21%
Roper Technologies IncROP	COWG +0.80 points	0.85%	0.05%
Incyte CorpINCY	COWG +0.76 points	0.79%	0.03%
Dexcom IncDXCM	COWG +0.74 points	0.84%	0.10%
Arista Networks IncANET	COWG +0.75 points	1.31%	0.56%
PTC IncPTC	COWG +0.62 points	0.66%	0.04%
Texas Instruments IncTXN	COWG +0.60 points	1.00%	0.40%
United Therapeutics CorpUTHR	COWG +0.54 points	0.58%	0.04%
Tyler Technologies IncTYL	COWG +0.52 points	0.57%	0.05%
Synopsys IncSNPS	COWG +0.48 points	0.66%	0.18%
Cadence Design Systems IncCDNS	COWG +0.49 points	0.78%	0.29%
Vertex Pharmaceuticals IncVRTX	COWG +0.48 points	0.62%	0.14%
Autodesk IncADSK	COWG +0.46 points	0.63%	0.17%
Reddit IncRDDT	COWG +0.46 points	0.50%	0.04%
First Solar IncFSLR	COWG +0.41 points	0.44%	0.03%
ResMed IncRMD	COWG +0.39 points	0.45%	0.06%
Verisk Analytics IncVRSK	COWG +0.38 points	0.43%	0.05%
EQT CorpEQT	COWG +0.32 points	0.36%	0.04%
TKO Group Holdings IncTKO	COWG +0.29 points	0.31%	0.02%
Copart IncCPRT	COWG +0.24 points	0.29%	0.05%
Fair Isaac CorpFICO	COWG +0.23 points	0.28%	0.05%
GE Vernova IncGEV	ILCG +0.22 points	0.52%	0.74%
IDEXX Laboratories IncIDXX	COWG +0.23 points	0.36%	0.13%
Analog Devices IncADI	COWG +0.22 points	0.57%	0.35%
Texas Pacific Land CorpTPL	COWG +0.20 points	0.26%	0.06%
Intuitive Surgical IncISRG	ILCG +0.15 points	0.34%	0.49%
AppLovin CorpAPP	COWG +0.03 points	0.23%	0.20%
Palantir Technologies IncPLTR	COWG +0.02 points	1.34%	1.32%
Kla CorpKLAC	ILCG +0.01 points	0.66%	0.67%

All 102 COWG holdings⁠All 325 ILCG 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.

COWG vs ILCG Cost

Overpaying COWG vs ILCG

$8,943

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

COWG 0.49%
$9,792
ILCG 0.04%
$849

Amount$10,000

Years30 years

Cost over time

COWG 0.49%
ILCG 0.04%
Overpaying

Year by year

Year	COWG	ILCG	Overpaying
10	$883	$73	$810
20	$3,394	$288	$3,106
30	$9,792	$849	$8,943

Expense ratio

0.49%COWG
0.04%ILCG, cheaper

ILCG0.04%COWG0.49%

0.03%0.70%

Middle half of US Growth Index funds
Median 0.18%

ILCG 2nd cheapest of 35 funds

COWG 28th cheapest of 35 funds

COWG vs ILCG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): COWG 0.75%, better; ILCG 0.44%
Payout (12M): COWG $0.30; ILCG $0.48
Last payment: COWG $0.19; ILCG $0.14
Ex-dividend: COWG Sep 3, 2026; ILCG Sep 15, 2026
Paid on: COWG Sep 8, 2026; ILCG Sep 18, 2026
Frequency: COWG Quarterly; ILCG Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

COWGQuarterly · 15 paymentsAll COWG payments⁠

ILCGQuarterly · 40 paymentsAll ILCG payments⁠

COWG vs ILCG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: COWG 16.0%, betterILCG 17.8%
Return per unit of riskSharpe ratio, 3 years: COWG 1.19, betterILCG 1.06
Worst fallMax drawdown, 5 years: COWG −23.6%since Dec 2022ILCG −35.4%
Market sensitivityBeta, 5 years: COWG 1.04ILCG 1.23; Market = 1

COWG and ILCG in the news

All news⁠

Best ETFs
The best growth ETF is the cheap one on the index you want
Updated Nov 2, 2026ILCG

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