LCOW vs SPHQ: Grades, Fees and Holdings Compared

Pacer S&P 500 Quality FCF Aristocrats ETF

LCOWCCboe

Invesco S&P 500 Quality ETF

SPHQANYSE Arca

Overlap

31.7%by weight

Expense ratio

SPHQ −0.34pt a year

LCOW0.49%SPHQ0.15%

Avg volume · 30D

SPHQ 331.3×the volume

LCOW4.08KSPHQ1.35M

LCOW vs SPHQ Performance

Oct 31, 2025 – Oct 30, 2026

+14.8%LCOW+13.2%SPHQ

Expense ratio: LCOW 0.49%; SPHQ 0.15%, better
Fund size: LCOW $28M; SPHQ $18.5B
1Y total return: LCOW +14.8%, better; SPHQ +13.2%
Yield (12M): LCOW 0.64%; SPHQ 1.05%, better
Holdings: LCOW 102; SPHQ 102
Avg volume (30D): LCOW 4.08K sh; SPHQ 1.35M sh, better
NAV per share: LCOW $26.91; SPHQ $82.92
52W range

ETF.net Grade

Pillar letters and Scores for LCOW, SPHQ, with each pillar’s weight
Pillar	LCOW	SPHQ
Cost30% weight	D26	A84Higher
Mission25% weight	A94Higher	B69
Risk15% weight	B61	B62Higher
Tradability15% weight	C43	A95Higher
Holdings10% weight	D31	D38Higher
Durability5% weight	D28	A91Higher

Rank among US Quality Index funds

How we build Categories ›

Same Category. LCOW and SPHQ are both graded against the same 26 US Quality Index funds, so their Grades compare head to head.

US Quality Index⁠

Category · 26 funds

See all 26 ›

SPHQ ranks 4th and LCOW 16th of 26 funds in the US Quality Index Category.

Rank 1AJQUAJPMorgan U.S. Quality Factor ETFScore 81
Rank 1AQUALiShares MSCI USA Quality Factor ETFScore 81
Rank 3AFQALFidelity Quality Factor ETFScore 75
Rank 4ASPHQInvesco S&P 500 Quality ETFScore 74
Rank 5AVFQYVanguard U.S. Quality Factor ETFScore 70
Rank 15BVUSEVident U.S. Equity Strategy ETFScore 54
Rank 16CLCOWPacer S&P 500 Quality FCF Aristocrats ETFScore 51
Rank 17CQOWZInvesco Nasdaq Free Cash Flow Achievers ETFScore 49

Our read on each fund

ETF.net Research

LCOWCPacer S&P 500 Quality FCF Aristocrats ETF

SPHQAInvesco S&P 500 Quality ETF

In short

LCOW No data

SPHQ Live since 2005, SPHQ is an elder statesman of quality investing: rank the S&P 500 on profitability, earnings quality and balance-sheet strength, hold the top 100, charge 0.15% net of a waiver through August 31, 2028.

Stated mandate

LCOW No data

SPHQ The fund seeks exposure to the S&P 500 Quality Index and normally invests at least 90% of assets in common stocks included in that index.

Why people hold it

LCOW No data

SPHQ 0.15% net of a waiver through August 31, 2028 (0.20% gross), below the median for quality factor funds and level with QUAL and FQAL at 0.15%.
The rules are published and mechanical: score the S&P 500 on return on equity, accruals ratio and financial leverage ratio, take the top 100, weight by quality score times market cap.spglobal.com
Universe discipline: candidates come only from the S&P 500, so every holding is an established large cap rather than a smaller name screened in from a broader pool.spglobal.com
A multi-billion-dollar fund that trades actively, pays quarterly, and has run since 2005. It sits in the stronger tier of quality factor ETFs.

Worth knowing

LCOW No data

SPHQ About 100 stocks, weighted by quality score times market cap, so the biggest high-scorers carry real weight. Narrower than owning the full S&P 500.spglobal.com
The index rebalances semiannually, so a company whose fundamentals slip mid-period stays in the portfolio until the next reshuffle.spglobal.com
Two peers undercut it on fee: JQUA at 0.12% and VFQY at 0.13%.

Full LCOW profile⁠

Full SPHQ profile⁠

LCOW vs SPHQ Holdings

As of Oct 23, 2026

How LCOW and SPHQ differ

Overlap by weight

31.7%

Shared holdings make up 47.8% of SPHQ and 31.9% of LCOW.

Level by level

Holdings39 in both31.7%
Sector9 Sectors75.8%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in LCOW and SPHQ, widest gap first
Sector	More in LCOWMore in SPHQ	LCOW	SPHQ
Industrials	SPHQ +15.2 points	1.8%	17.0%
Health Care	LCOW +12.8 points	16.5%	3.7%
Technology	LCOW +6.7 points	46.2%	39.5%
Communication	LCOW +4.7 points	9.9%	5.2%
Materials	SPHQ +3.0 points	0.0%	3.0%
Consumer Staples	SPHQ +2.8 points	5.1%	7.9%
Consumer Discretionary	SPHQ +1.4 points	4.1%	5.5%
Energy	SPHQ +1.1 points	0.3%	1.4%
Financials	SPHQ +0.9 points	16.0%	16.9%

Country, concentration and asset class

Country by domicile

Country weights in LCOW and SPHQ, widest gap first
Country	More in LCOWMore in SPHQ	LCOW	SPHQ
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

LCOW48.3%
SPHQ43.5%

Securities held

LCOW100
SPHQ99

Asset class

LCOW: Equity
SPHQ: Equity

Holdings

Only in LCOW61
In both39
Only in SPHQ60

Only in LCOW

61 securities, 67.9% of LCOW by weight

AbbVie Inc5.09%
Microsoft Corp5.00%
Meta Platforms Inc4.81%
Alphabet Inc4.75%
NVIDIA Corp4.65%
Broadcom Inc4.47%
Johnson & Johnson3.55%
Philip Morris International Inc3.09%
Palo Alto Networks Inc2.17%
Merck & Co Inc2.16%
Altria Group Inc1.72%
Gilead Sciences Inc1.68%
Amgen Inc1.68%
Capital One Financial Corp1.34%
American Express Co1.28%
Arista Networks Inc1.17%
McDonald's Corp1.08%
CME Group Inc1.01%
Bristol-Myers Squibb Co0.91%
S&P Global Inc0.90%
ServiceNow Inc0.90%
McKesson Corp0.90%
Hilton Worldwide Holdings Inc0.84%
Marriott International Inc/MD0.78%
Intercontinental Exchange Inc0.77%
Salesforce Inc0.70%
Regeneron Pharmaceuticals Inc0.65%
Analog Devices Inc0.64%
MSCI Inc0.63%
O'Reilly Automotive Inc0.58%
Lowe's Cos Inc0.57%
Veeva Systems Inc0.54%
Cardinal Health Inc0.46%
Intuit Inc0.42%
Cadence Design Systems Inc0.42%
Paychex Inc0.38%
Monster Beverage Corp0.37%
Cencora Inc0.35%
Mettler-Toledo International Inc0.35%
Nasdaq Inc0.33%
Yum! Brands Inc0.33%
Texas Pacific Land Corp0.33%
Synchrony Financial0.32%
AutoZone Inc0.29%
Motorola Solutions Inc0.27%
Synopsys Inc0.27%
Monolithic Power Systems Inc0.23%
Verisk Analytics Inc0.22%
Corpay Inc0.22%
Teradyne Inc0.18%

Only in SPHQ

60 securities, 52.1% of SPHQ by weight

Costco Wholesale Corp4.21%
GE Vernova Inc3.73%
General Electric Co3.46%
Netflix Inc3.23%
Procter & Gamble Co/The3.19%
Sandisk Corp2.62%
Texas Instruments Inc2.53%
Western Digital Corp2.25%
Newmont Corp1.74%
Intuitive Surgical Inc1.57%
Progressive Corp/The1.46%
TJX Cos Inc/The1.43%
AppLovin Corp1.34%
Lockheed Martin Corp1.22%
Valero Energy Corp1.04%
Johnson Controls International plc1.04%
Parker-Hannifin Corp1.03%
Trane Technologies PLC0.88%
3M Co0.86%
Travelers Cos Inc/The0.78%
Airbnb Inc0.78%
Allstate Corp/The0.75%
Ross Stores Inc0.71%
Ameriprise Financial Inc0.65%
eBay Inc0.62%
Rockwell Automation Inc0.54%
WW Grainger Inc0.53%
Ciena Corp0.49%
Autodesk Inc0.45%
Dexcom Inc0.44%
Chipotle Mexican Grill Inc0.43%
Expedia Group Inc0.35%
Kimberly-Clark Corp0.35%
Arch Capital Group Ltd0.34%
Hartford Insurance Group Inc/The0.34%
Tapestry Inc0.31%
ON Semiconductor Corp0.27%
International Flavors & Fragrances Inc0.26%
DuPont de Nemours Inc0.25%
Fortive Corp0.25%
Cincinnati Financial Corp0.25%
Dollar Tree Inc0.23%
T Rowe Price Group Inc0.22%
Expand Energy Corp0.21%
Broadridge Financial Solutions Inc0.21%
Steris PLC0.20%
Lennar Corp0.19%
Best Buy Co Inc0.19%
CF Industries Holdings Inc0.18%
APA Corp0.18%

Weight gaps

All 39 Holdings in both funds, largest gap first.

Holding weights in LCOW and SPHQ, widest gap first
Holding	More in LCOWMore in SPHQ	LCOW	SPHQ
Cisco Systems IncCSCO	SPHQ +2.02 points	1.50%	3.52%
Lam Research CorpLRCX	SPHQ +1.84 points	1.63%	3.47%
QUALCOMM IncQCOM	SPHQ +1.70 points	0.89%	2.59%
Mastercard IncMA	SPHQ +1.01 points	5.43%	6.44%
Kla CorpKLAC	SPHQ +0.90 points	1.29%	2.19%
Visa IncV	SPHQ +0.85 points	5.45%	6.30%
Apple IncAAPL	SPHQ +0.85 points	5.08%	5.93%
Accenture PLCACN	SPHQ +0.83 points	0.49%	1.32%
Applied Materials IncAMAT	SPHQ +0.81 points	1.39%	2.20%
Seagate Technology Holdings PLCSTX	SPHQ +0.73 points	0.51%	1.24%
Moody's CorpMCO	SPHQ +0.44 points	0.56%	1.00%
Fortinet IncFTNT	SPHQ +0.43 points	0.82%	1.25%
Illinois Tool Works IncITW	SPHQ +0.41 points	0.40%	0.81%
NetApp IncNTAP	SPHQ +0.39 points	0.19%	0.58%
Adobe IncADBE	SPHQ +0.35 points	0.85%	1.20%
Cintas CorpCTAS	SPHQ +0.25 points	0.44%	0.69%
Fastenal CoFAST	SPHQ +0.24 points	0.31%	0.55%
IDEXX Laboratories IncIDXX	SPHQ +0.22 points	0.39%	0.61%
Automatic Data Processing IncADP	LCOW +0.21 points	1.33%	1.12%
Workday IncWDAY	SPHQ +0.17 points	0.16%	0.33%
ResMed IncRMD	SPHQ +0.16 points	0.19%	0.35%
Zoetis IncZTS	SPHQ +0.15 points	0.17%	0.32%
Comfort Systems USA IncFIX	SPHQ +0.14 points	0.34%	0.48%
PTC IncPTC	SPHQ +0.13 points	0.06%	0.19%
Expeditors International of Washington IncEXPD	SPHQ +0.13 points	0.16%	0.29%
Old Dominion Freight Line IncODFL	SPHQ +0.13 points	0.18%	0.31%
Cboe Global Markets IncCBOE	SPHQ +0.11 points	0.23%	0.34%
Williams-Sonoma IncWSM	SPHQ +0.11 points	0.22%	0.33%
Colgate-Palmolive CoCL	SPHQ +0.10 points	0.57%	0.67%
Skyworks Solutions IncSWKS	SPHQ +0.07 points	0.05%	0.12%
Gartner IncIT	SPHQ +0.07 points	0.06%	0.13%
NVR IncNVR	SPHQ +0.07 points	0.08%	0.15%
Deckers Outdoor CorpDECK	SPHQ +0.06 points	0.08%	0.14%
Tyler Technologies IncTYL	SPHQ +0.06 points	0.06%	0.12%
GoDaddy IncGDDY	SPHQ +0.06 points	0.07%	0.13%
F5 IncFFIV	SPHQ +0.04 points	0.10%	0.14%
Jack Henry & Associates IncJKHY	SPHQ +0.04 points	0.09%	0.13%
FactSet Research Systems IncFDS	SPHQ +0.03 points	0.08%	0.11%
A O Smith CorpAOS	SPHQ +0.02 points	0.05%	0.07%

All 102 LCOW holdings⁠All 100 SPHQ 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.

LCOW vs SPHQ Cost

Overpaying LCOW vs SPHQ

$6,655

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

LCOW 0.49%
$9,792
SPHQ 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

LCOW 0.49%
SPHQ 0.15%
Overpaying

Year by year

Year	LCOW	SPHQ	Overpaying
10	$883	$274	$609
20	$3,394	$1,071	$2,323
30	$9,792	$3,137	$6,655

Expense ratio

0.49%LCOW
0.15%SPHQ, cheaper

SPHQ0.15%LCOW0.49%

0.12%0.60%

Middle half of US Quality Index funds
Median 0.39%

SPHQ 3rd cheapest of 26 funds

LCOW 17th cheapest of 26 funds

LCOW vs SPHQ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): LCOW 0.64%; SPHQ 1.05%, better
Payout (12M): LCOW $0.17; SPHQ $0.87
Last payment: LCOW $0.04; SPHQ $0.15
Ex-dividend: LCOW Sep 3, 2026; SPHQ Sep 21, 2026
Paid on: LCOW Sep 8, 2026; SPHQ Sep 25, 2026
Frequency: LCOW Quarterly; SPHQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

LCOWQuarterly · 6 paymentsAll LCOW payments⁠

SPHQQuarterly · 39 paymentsAll SPHQ payments⁠

LCOW vs SPHQ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: LCOW 10.5%since Jun 2025SPHQ 12.5%
Return per unit of riskSharpe ratio, 3 years: LCOW 1.43since Jun 2025SPHQ 1.23
Worst fallMax drawdown, 5 years: LCOW −10.3%since May 2025SPHQ −25.1%
Market sensitivityBeta, 5 years: LCOW 0.88SPHQ 0.81; Market = 1

LCOW and SPHQ in the news

All news⁠

New ETFs
Jensen's first passive ETF charges 0.25% for a 10-year profit test
Oct 5, 2026SPHQ
Category Review
Cash-flow quality returned 42% while QUAL returned 17%
Updated Sep 22, 2026SPHQ

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LCOW vs SPHQ

In short

Stated mandate

Why people hold it

Worth knowing

How LCOW and SPHQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in LCOW

Only in SPHQ

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Jensen's first passive ETF charges 0.25% for a 10-year profit test

Cash-flow quality returned 42% while QUAL returned 17%

How LCOW and SPHQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in LCOW

Only in SPHQ

Weight gaps