ILCV vs PAMC

ILCVAiShares Morningstar Value ETF

PAMCFPacer Lunt MidCap 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.

PAMC Most multi-factor funds blend momentum, quality, value and low volatility into one smoothie. This one alternates instead, rotating among those factors inside the S&P MidCap 400. Factor timing, not factor averaging.

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.

PAMC The fund seeks long-term capital appreciation by rotating among momentum, quality, value and volatility factors within S&P MidCap 400 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.

• PAMC The alternator twist: rather than averaging four factors together, it rotates among momentum, quality, value and low volatility. One flavor at a time, by design.
• It hunts in mid-caps. The pond is S&P MidCap 400 companies, roughly 150 names held, while most multi-factor rivals crowd into large-cap value and growth.
• Rules run it, not a hunch. It follows the Lunt Capital U.S. MidCap Multi-Factor Rotation Index, has been live since 2020, and distributes quarterly.

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.

• PAMC The rotation costs 0.60% a year, close to double the typical multi-factor fund and ten times a plain-vanilla peer such as VONV at 0.06%.
• Rotation cuts both ways. When factor leadership flips fast, the switch can land late, and holding one factor means sitting out whichever one is running.
• Thinly traded with a modest asset base, so bid-ask spreads tend to run wider than on the household names of the factor aisle.

Full ILCV profile⁠

Full PAMC profile⁠