ILCV vs PALC: Grades, Fees and Holdings Compared

iShares Morningstar Value ETF

ILCVANYSE Arca

Pacer Lunt Large Cap Multi-Factor Alternator ETF

PALCCNYSE Arca

Overlap

28.2%by weight

Expense ratio

ILCV −0.56pt a year

ILCV0.04%PALC0.60%

Avg volume · 30D

ILCV 3.3×the volume

ILCV25.1KPALC7.71K

5Y return · a year

ILCV +6.8pt

ILCV+12.5%PALC+5.7%

ILCV vs PALC Performance

Nov 9, 2021 – Nov 9, 2026

+79.9%ILCV+31.6%PALC

Expense ratio: ILCV 0.04%, better; PALC 0.60%
Fund size: ILCV $1.37B; PALC $185M
1Y total return: ILCV +22.4%, better; PALC +5.2%
Yield (12M): ILCV 1.50%, better; PALC 1.32%
Holdings: ILCV 374; PALC 180
Avg volume (30D): ILCV 25.1K sh, better; PALC 7.71K sh
NAV per share: ILCV $108.28; PALC $52.18
52W range

ETF.net Grade

Pillar letters and Scores for ILCV, PALC, with each pillar’s weight
Pillar	ILCV	PALC
Cost30% weight	A99Higher	F15
Mission25% weight	A82Higher	A75
Risk15% weight	A91Higher	D32
Tradability15% weight	B62Higher	D30
Holdings10% weight	D39	B60Higher
Durability5% weight	A82Higher	D30

Rank among US Multifactor funds

How we build Categories ›

Same Category. ILCV and PALC are both graded against the same 99 US Multifactor funds, so their Grades compare head to head.

US Multifactor⁠

Category · 99 funds

See all 99 ›

ILCV ranks 2nd and PALC 84th of 99 funds in the US Multifactor Category.

Rank 1AVONVVanguard Russell 1000 Value ETFScore 85
Rank 2AILCViShares Morningstar Value ETFScore 81
Rank 2AVYMVanguard High Dividend Yield ETFScore 81
Rank 84CHQGOHartford US Quality Growth ETFScore 40
Rank 84CPALCPacer Lunt Large Cap Multi-Factor Alternator ETFScore 40
Rank 87DHERDPacer Cash Cows Fund of Funds ETFScore 38

Our read on each fund

ETF.net Research

ILCVAiShares Morningstar Value ETF

PALCCPacer Lunt Large Cap Multi-Factor Alternator ETF

In short

ILCV Value done the thorough way: roughly 400 large- and mid-cap US stocks screened on five separate value measures, not just cheap book value. Running since 2004 at four basis points, it's one of the cheapest tickets into the value factor.

PALC Most factor funds pick one lane and stay there. PALC rotates instead: a rules-based index shifts among value, momentum, quality and low-volatility corners of the S&P 500 rather than blending all four at once.

Stated mandate

ILCV The fund seeks to track an index of U.S. large- and mid-cap stocks selected with value-oriented measures including forward earnings, book value, sales, cash flow, and dividend yield.

PALC The fund seeks capital appreciation by using a rules-based process that rotates among factor-based strategies within S&P 500 companies.

Why people hold it

ILCV Charges 0.04% a year against a 0.32% median for its factor peer group. Undercuts well-regarded rivals like VONV (0.06%) and FNDX (0.25%).
Value gets defined five ways: forward earnings, book value, sales, cash flow and dividend yield. Wider lens than a single price-to-book screen.ishares.com
Spreads the bet across about 400 large- and mid-cap names and distributes quarterly.
Trading since 2004 and now a multi-billion-dollar fund, it ranks among the strongest implementations in its factor cohort.

PALC One ticker, four factors, on a schedule. The Lunt Capital U.S. Large Cap Multi-Factor Rotation Index decides when to sit in value, momentum, quality or low volatility. No manager hunches involved.paceretfs.com
The hunting ground is the S&P 500, so you get familiar US large caps (roughly 180 of them) rather than obscure corners of the market.paceretfs.com
Live since 2020, with a quarterly distribution schedule, so the rotation rules have a real track record behind them instead of a backtest.

Worth knowing

ILCV One of the quieter tickers in its category. Thin volume means spreads matter more here than on a mega-cap index fund, and limit orders are the usual tool.
Value-only by design. It skips the market's priciest growth leaders, so it moves differently from a total-market fund in both directions.ishares.com
Large and mid caps only. Small-cap value sits outside the mandate.

PALC You pay for the machinery: 0.60% a year, against a 0.32% median for multi-factor peers. Static rivals like VONV (0.06%) and IUSG (0.04%) run a fraction of that.
Rotation means the fund's personality changes. A defensive low-volatility tilt one stretch, a racier one the next, so results can wander well away from a plain S&P 500 fund.
It trades lightly next to the giants in its category. Wider bid-ask spreads are a real cost at the moment you buy or sell, especially in size.

Full ILCV profile⁠

Full PALC profile⁠

ILCV vs PALC Holdings

How ILCV and PALC differ

Overlap by weight

28.2%

Shared holdings make up 89.9% of PALC and 34.5% of ILCV.

Level by level

Holdings147 in both28.2%
Sector11 Sectors66.3%
Countryby domicile98.5%
Asset classStocks100%

Sector

Sector weights in ILCV and PALC, widest gap first
Sector	Gap	ILCV	PALC
Technology	ILCV +21.6 points	23.0%	1.4%
Financials	PALC +13.0 points	18.2%	31.2%
Utilities	PALC +11.9 points	3.1%	15.0%
Real Estate	PALC +6.9 points	1.7%	8.6%
Health Care	ILCV +4.1 points	13.8%	9.7%
Consumer Discretionary	ILCV +3.3 points	8.9%	5.5%
Communication	ILCV +2.8 points	8.5%	5.7%
Industrials	PALC +1.8 points	6.9%	8.7%
Consumer Staples	ILCV +1.0 points	7.6%	6.6%
Materials	ILCV +0.8 points	2.1%	1.3%
Energy	PALC +0.1 points	6.1%	6.2%

Country, concentration and asset class

Country by domicile

Country weights in ILCV and PALC, widest gap first
Country	Gap	ILCV	PALC
United States	ILCV +1.2 points	99.2%	98.0%
Switzerland	PALC +1.2 points	0.4%	1.6%
Other countries (4)	PALC +0.1 points	0.4%	0.5%

Concentration

Weight in the 10 largest Holdings

ILCV34.8%
PALC19.1%

Securities held

ILCV371
PALC178

Asset class

ILCV: Stocks
PALC: Stocks

Holdings

Only in ILCV224
In both147
Only in PALC31

Only in ILCV

224 securities, 65.2% of ILCV by weight

Microsoft8.58%
Apple7.20%
Amazon.com Inc3.32%
Meta Platforms Class A2.47%
Alphabet Class A2.08%
Exxonmobil Holdings Corp1.97%
Alphabet Class C1.68%
AbbVie1.48%
Tesla Inc1.11%
Cisco Systems Inc1.07%
Merck & Co Inc1.04%
UnitedHealth Group1.02%
Micron Technology1.01%
Home Depot0.99%
Walmart0.96%
Philip Morris International0.89%
Thermo Fisher Scientific0.74%
Rtx0.74%
Goldman Sachs Group0.73%
Amgen Inc0.72%
International Business Machines Co0.67%
Morgan Stanley0.62%
Gilead Sciences0.60%
Walt Disney0.58%
Abbott Laboratories0.55%
Qualcomm0.51%
Salesforce0.49%
Pfizer0.48%
BlackRock0.47%
Conocophillips0.47%
Accenture PLC Class A0.46%
Danaher0.43%
Texas Instrument0.40%
Newmont0.37%
Altria Group Inc0.37%
Bristol Myers Squibb0.37%
Lowes Companies Inc0.36%
Capital One Financial Corp0.36%
American Express0.35%
Booking Holdings0.35%
Automatic Data Processing Inc0.35%
Caterpillar Inc0.34%
Lockheed Martin0.32%
Oracle0.30%
Uber Technologies0.29%
Charles Schwab0.28%
Vertex Pharmaceuticals0.28%
Intercontinental Exchange Inc0.28%
3M0.28%
Adobe Inc0.27%

Only in PALC

31 securities, 9.9% of PALC by weight

Cencora Inc0.66%
Regency Centers Corp0.61%
Pinnacle West Capital Corp0.61%
Assurant Inc0.57%
Federal Realty Investment Trust0.55%
Globe Life Inc0.53%
Ecolab Inc0.49%
Hilton Worldwide Holdings Inc0.49%
Welltower Inc0.47%
UDR Inc0.47%
Cintas Corp0.47%
Ventas Inc0.47%
Nordson Corp0.46%
Camden Property Trust0.45%
IDEX Corp0.40%
AMETEK Inc0.38%
Best Buy Co Inc0.24%
Everest Group Ltd0.21%
Universal Health Services Inc0.19%
Stanley Black & Decker Inc0.18%
APA Corp0.17%
AES Corp/The0.13%
McCormick & Co Inc/MD0.13%
Solventum Corp0.12%
Mosaic Co/The0.09%
Aptiv PLC0.08%
Henry Schein Inc0.07%
Norwegian Cruise Line Holdings Ltd0.07%
Franklin Templeton Inc0.07%
Hormel Foods Corp0.05%
Skydance Corp0.03%

Weight gaps

The 100 widest of 147 Holdings in both funds.

Holding weights in ILCV and PALC, widest gap first
Holding	Gap	ILCV	PALC
JPMorgan Chase & CoJPM	ILCV +2.15 points	2.56%	0.41%
AT&TT	PALC +1.57 points	0.43%	2.00%
Bank of AmericaBAC	PALC +1.57 points	0.92%	2.49%
Verizon Communications IncVZ	PALC +1.37 points	0.55%	1.92%
Johnson & JohnsonJNJ	ILCV +1.35 points	1.92%	0.57%
Comcast Class ACMCSA	PALC +1.26 points	0.25%	1.51%
ChubbCB	PALC +1.19 points	0.37%	1.56%
Wells FargoWFC	PALC +1.17 points	0.73%	1.90%
Travelers CompaniesTRV	PALC +1.04 points	0.24%	1.28%
Cvs HealthCVS	PALC +1.02 points	0.31%	1.33%
CitigroupC	PALC +0.99 points	0.58%	1.57%
Mckesson CorpMCK	PALC +0.99 points	0.26%	1.25%
Elevance Health IncELV	PALC +0.96 points	0.26%	1.22%
CignaCI	PALC +0.95 points	0.22%	1.17%
General MotorsGM	PALC +0.93 points	0.22%	1.15%
Marathon PetroleumMPC	PALC +0.88 points	0.16%	1.04%
Us BancorpUSB	PALC +0.83 points	0.27%	1.10%
Prudential Financial IncPRU	PALC +0.83 points	0.12%	0.94%
Arch Capital GroupACGL	PALC +0.80 points	0.10%	0.90%
Phillips 66PSX	PALC +0.79 points	0.28%	1.07%
Exelon CorpEXC	PALC +0.78 points	0.14%	0.92%
Pnc Financial Services GroupPNC	PALC +0.76 points	0.26%	1.02%
Vici Pptys IncVICI	PALC +0.75 points	0.08%	0.83%
Truist FinancialTFC	PALC +0.75 points	0.17%	0.92%
Hartford Insurance GroupHIG	PALC +0.74 points	0.11%	0.85%
LoewsL	PALC +0.73 points	0.03%	0.76%
MetlifeMET	PALC +0.72 points	0.15%	0.87%
Cincinnati FinancialCINF	PALC +0.72 points	0.04%	0.76%
Valero Energy CorpVLO	PALC +0.67 points	0.29%	0.96%
ChevronCVX	ILCV +0.68 points	1.15%	0.47%
Wec Energy GroupWEC	PALC +0.61 points	0.06%	0.67%
EvergyEVRG	PALC +0.59 points	0.06%	0.65%
Atmos EnergyATO	PALC +0.59 points	0.04%	0.63%
Alliant Energy CorpLNT	PALC +0.58 points	0.05%	0.63%
Allstate CorpALL	PALC +0.58 points	0.09%	0.67%
ProgressivePGR	PALC +0.57 points	0.38%	0.95%
Centerpoint EnergyCNP	PALC +0.56 points	0.04%	0.60%
M&T BankMTB	PALC +0.56 points	0.09%	0.65%
Republic Services IncRSG	PALC +0.55 points	0.06%	0.61%
AmerenAEE	PALC +0.55 points	0.05%	0.60%
Firstenergy CorpFE	PALC +0.55 points	0.07%	0.62%
Target CorpTGT	PALC +0.54 points	0.21%	0.75%
NisourceNI	PALC +0.54 points	0.03%	0.57%
Cms EnergyCMS	PALC +0.54 points	0.04%	0.58%
Procter & GamblePG	ILCV +0.52 points	1.11%	0.59%
Ppl CorpPPL	PALC +0.52 points	0.05%	0.57%
Principal Financial Group IncPFG	PALC +0.52 points	0.07%	0.59%
Berkshire Hathaway Inc Class BBRK.B	PALC +0.51 points	3.04%	3.55%
Visa Class AV	ILCV +0.51 points	1.04%	0.53%
Kimco Realty Reit CorpKIM	PALC +0.51 points	0.05%	0.56%
Consolidated EdisonED	PALC +0.50 points	0.13%	0.63%
Coca-ColaKO	ILCV +0.50 points	1.08%	0.58%
VeraltoVLTO	PALC +0.50 points	0.03%	0.53%
HumanaHUM	PALC +0.49 points	0.09%	0.58%
Dte EnergyDTE	PALC +0.49 points	0.08%	0.57%
Vivmark ResidentialVMRK	PALC +0.48 points	0.02%	0.50%
KeycorpKEY	PALC +0.47 points	0.06%	0.53%
Delta Air LinesDAL	PALC +0.47 points	0.16%	0.63%
Realty Income ReitO	PALC +0.47 points	0.10%	0.57%
Essex Property Trust ReitESS	PALC +0.45 points	0.03%	0.48%
Otis WorldwideOTIS	PALC +0.44 points	0.06%	0.50%
AflacAFL	PALC +0.44 points	0.16%	0.60%
American Water WorksAWK	PALC +0.44 points	0.05%	0.49%
Cardinal HealthCAH	PALC +0.44 points	0.08%	0.52%
Public Service Enterprise GroupPEG	PALC +0.43 points	0.07%	0.50%
Church and Dwight IncCHD	PALC +0.43 points	0.04%	0.47%
Simon Property Group Reit IncSPG	PALC +0.43 points	0.10%	0.53%
Entergy CorpETR	PALC +0.43 points	0.07%	0.50%
PayPal HoldingsPYPL	PALC +0.42 points	0.15%	0.57%
Wr BerkleyWRB	PALC +0.42 points	0.06%	0.48%
Yum BrandsYUM	PALC +0.43 points	0.04%	0.47%
American Electric Power IncAEP	PALC +0.43 points	0.11%	0.54%
Mid America Apartment CommunitiesMAA	PALC +0.42 points	0.04%	0.46%
United Airlines HoldingsUAL	PALC +0.41 points	0.11%	0.52%
Snap On IncSNA	PALC +0.41 points	0.03%	0.44%
Fedex CorpFDX	PALC +0.40 points	0.20%	0.60%
Invitation HomesINVH	PALC +0.41 points	0.02%	0.43%
Labcorp HoldingsLH	PALC +0.39 points	0.09%	0.48%
Xcel Energy IncXEL	PALC +0.38 points	0.14%	0.52%
Duke Energy CorpDUK	PALC +0.36 points	0.29%	0.65%
Quest Diagnostics IncDGX	PALC +0.37 points	0.08%	0.45%
Norfolk Southern CorpNSC	PALC +0.35 points	0.12%	0.47%
Eog ResourcesEOG	PALC +0.35 points	0.22%	0.57%
CsxCSX	PALC +0.33 points	0.09%	0.42%
Ford Motor CoF	PALC +0.34 points	0.14%	0.48%
Illinois Tool IncITW	PALC +0.33 points	0.11%	0.44%
Public Storage ReitPSA	PALC +0.33 points	0.10%	0.43%
Dominion EnergyD	PALC +0.31 points	0.17%	0.48%
Colgate-PalmoliveCL	PALC +0.31 points	0.15%	0.46%
Bank of New York Mellon CorpBNY	PALC +0.31 points	0.11%	0.42%
SempraSRE	PALC +0.31 points	0.15%	0.46%
Devon EnergyDVN	PALC +0.31 points	0.13%	0.44%
Kinder MorganKMI	PALC +0.29 points	0.17%	0.46%
Archer Daniels MidlandADM	PALC +0.29 points	0.09%	0.38%
D R HortonDHI	PALC +0.28 points	0.11%	0.39%
American International GroupAIG	PALC +0.28 points	0.11%	0.39%
Fiserv IncFISV	PALC +0.28 points	0.10%	0.38%
EqtEQT	PALC +0.28 points	0.06%	0.34%
SouthernSO	PALC +0.27 points	0.31%	0.58%
Equinix ReitEQIX	PALC +0.27 points	0.12%	0.39%

All 371 ILCV holdings⁠All 180 PALC 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.

ILCV vs PALC Cost

Overpaying PALC vs ILCV

$10,968

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

ILCV 0.04%
$849
PALC 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

ILCV 0.04%
PALC 0.60%
Overpaying

Year by year

Year	ILCV	PALC	Overpaying
10	$73	$1,076	$1,003
20	$288	$4,116	$3,828
30	$849	$11,817	$10,968

Expense ratio

0.04%ILCV, cheaper
0.60%PALC

ILCV0.04%PALC0.60%

0.04%1.01%

Middle half of US Multifactor funds
Median 0.29%

ILCV cheapest of 99 funds

PALC 82nd cheapest of 99 funds

ILCV vs PALC Dividends

Last 12 months to Nov 9, 2026

Yield (12M): ILCV 1.50%, better; PALC 1.32%
Payout (12M): ILCV $1.65; PALC $0.70
Last payment: ILCV $0.42; PALC $0.22
Ex-dividend: ILCV Sep 15, 2026; PALC Sep 3, 2026
Paid on: ILCV Sep 18, 2026; PALC Sep 8, 2026
Frequency: ILCV Quarterly; PALC Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

ILCVQuarterly · 39 paymentsAll ILCV payments⁠

PALCQuarterly · 25 paymentsAll PALC payments⁠

ILCV vs PALC Risk

Fall from peak · 5 years

ILCV
PALC

Risk facts

VolatilityStd dev, 3 years: ILCV 10.7%, betterPALC 14.9%
Return per unit of riskSharpe ratio, 3 years: ILCV 1.57, betterPALC 0.70
Worst fallMax drawdown, 5 years: ILCV −18.6%, betterPALC −23.8%
Market sensitivityBeta, 5 years: ILCV 0.82PALC 0.94; Market = 1

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