At a glance
PAMC charges 0.6% a year, above the 0.18% average of the 8 funds most like it (the most expensive of 9). It has $53.7M in assets, the 9th largest of that group; it paid 1.35% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +5.6% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +16.2% a year. At its worst it fell 23.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low. Its ten largest positions make up 17.9% of the fund, out of 149 in all.
The short version
Pacer Lunt MidCap Multi-Factor Alternator ETF (PAMC) tracks the Lunt Capital U.S. MidCap Multi-Factor Rotation Index. Each month the index holds stocks from just two of eight factor-based slices of the S&P MidCap 400, chosen by recent relative strength. That makes it a rotating, high-turnover strategy, not a broad mid-cap tracker. Its 0.60% expense ratio is well above the 0.18% average of similar funds.
Price history
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PAMC +5.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PAMC official prospectus, to Dec 31, 2025 | — | +1.51% | — | +8.75% | — | +13.89% |
| PAMC price data to Oct 27, 2026 | +5.9% | +5.6% | +16.2% | +7.6% | — | +7.1% |
- Over the year to Oct 27, 2026, PAMC returned +5.6%, 8th of 9 among similar funds.
- Its 5-year annualized return was +7.6%.
- Its worst full calendar year was 2022 (-12.1%); its best was 2024 (+26.2%).
- The deepest fall in its price history was 27% (Jun 8, 2021 to Sep 26, 2022), recovered by Jan 22, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.9% | — |
| 2025 | +1.5% | +1.51% |
| 2024 | +26.2% | +26.23% |
| 2023 | +19.4% | +19.28% |
| 2022 | -12.1% | -12.12% |
| 2021 | — | +13.24% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.6% over that stretch · deepest drop along the way 23.5%, back to its old high 4.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3100 | |
| 2025 | $0.5200 | +15.6% |
| 2024 | $0.4500 | +66.7% |
| 2023 | $0.2700 | -34.1% |
| 2022 | $0.4100 |
What's inside
As of Jul 31, 2026, the fund held 149 securities; the ten largest made up 17.92% of assets. It also reported 4.36% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Curtiss-Wright Corp | 2.15% | |
| HF Sinclair Corp | 2.13% | |
| Annaly Capital Management Inc | 2.11% | |
| TechnipFMC PLC | 1.86% | |
| Tenet Healthcare Corp | 1.79% | |
| ATI Inc | 1.73% | |
| TD SYNNEX Corp | 1.67% | |
| Reinsurance Group of America I | 1.63% | |
| Performance Food Group Co | 1.44% | |
| Woodward Inc | 1.40% | |
| nVent Electric PLC | 1.36% | |
| Sterling Infrastructure Inc | 1.36% | |
| Jones Lang LaSalle Inc | 1.31% | |
| RenaissanceRe Holdings Ltd | 1.27% | |
| Lithia Motors Inc | 1.26% |
By country
United States 93.54%United Kingdom 3.23%Bermuda 1.82%Thailand 1%Sweden 0.32%By asset type
Stocks 99.9%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $10.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.90%, +2.66%, -3.18%.
How it works
PAMC is passively managed. It tries to match the Lunt Capital U.S. MidCap Multi-Factor Rotation Index, which Lunt Capital Management designed. The index draws on eight sub-indices of the S&P MidCap 400, a benchmark of mid-sized US companies maintained by S&P Dow Jones Indices. Each sub-index holds 80 stocks: the fifth of the S&P MidCap 400 that scores highest or lowest on one of four factors. The factors are momentum (recent price strength), quality, value and volatility. So there is a high-momentum slice and a low-momentum slice, a low-volatility slice and a high-volatility slice, and so on.
On the last trading day of each month, Lunt Capital gives each sub-index a "Risk-Adjusted Score" that measures its relative strength. The index then holds the stocks of the two highest-scoring sub-indices. If those two are opposite ends of the same factor, such as high and low momentum, it takes the first- and third-ranked instead. The index rebalances monthly whenever the picks change, and the fund generally buys every stock in it.
All this switching means heavy trading. The prospectus filed August 27, 2026 reports portfolio turnover of 630%. Trading costs come on top of the 0.60% expense ratio. The fund must keep at least 80% of net assets in mid-cap companies, meaning stocks that were in the S&P MidCap 400 at any time in the prior 12 months.
What it really costs
- PAMC charges 0.6% a year, versus an average of 0.18% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PAMC | $61 | $192 | $335 | $750 |
In a retirement portfolio
It holds just two rotating factor slices of mid-cap stocks, with a one-year beta of 1.2 and a high fee, so it fits better as a small add-on than as a foundation.
PAMC could add a rotating mid-cap factor tilt next to a broad core fund. Its price history starts in February 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it fell 23.5% from March 29 to September 26, 2022, and was back to its earlier high by February 2, 2023. Its deepest drop was 27%, from June 8, 2021 to September 26, 2022. It did not regain that peak until January 22, 2024. Its worst calendar year was 2022, when it lost 12.12%. Anyone who had to sell shares during that stretch would have locked in losses. The trailing 12-month yield was 1.35% as of October 27, 2026, paid quarterly, so it is not an income fund. In the SEC's standard example, $10,000 would cost $750 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a rules-based monthly rotation among mid-cap momentum, quality, value and volatility styles rather than one fixed factor tilt.
- People who want a small satellite position next to a broad core holding, and who accept a one-year beta of 1.2.
- Holders who could sit through a drop like its 27% fall from June 2021 to September 2022, which took until January 2024 to recover.
Look elsewhere if
- Cost-focused investors: the 0.60% expense ratio compares with 0.03% for SPMD and 0.05% for IJH, which track the full S&P MidCap 400.
- Income seekers: the trailing 12-month yield was 1.35% as of October 27, 2026, paid quarterly.
- Anyone who prefers a large fund: net assets were about $53.7 million as of July 31, 2026, the smallest of nine similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PAMC this fund | — | 0.6% | $53.7M | +5.6% | +16.2% |
| XMMO Invesco S&P MidCap Momentum ETF | 52% | 0.34% | $7.18B | +0.7% | +23.5% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 44% | 0.39% | $1.33B | +15.0% | +19.6% |
| QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 43% | 0.15% | $426.1M | +12.5% | +18.3% |
| XJH iShares ESG Select Screened S&P Mid-Cap ETF | 42% | 0.12% | $419.5M | +12.0% | +17.8% |
| SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 42% | 0.03% | $18.39B | +15.3% | +16.6% |
| IJH iShares Core S&P Mid-Cap ETF | 42% | 0.05% | $124.33B | +15.3% | +16.6% |
| MDY SPDR S&P Midcap 400 ETF Trust | 41% | 0.24% | $28.05B | +14.9% | +16.3% |
Questions investors ask
What does PAMC invest in?
PAMC holds US mid-cap stocks from the S&P MidCap 400, but only the ones in two of eight factor-based sub-indices, picked each month by relative strength. As of July 31, 2026, it held 149 stocks. The largest were Curtiss-Wright, HF Sinclair and Annaly Capital Management, each about 2.1% of assets, followed by TechnipFMC and Tenet Healthcare. The top 10 made up 17.92% of the fund, and about 93.5% of assets were in US companies.
How often does PAMC pay dividends?
PAMC pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.66 per share, a trailing yield of 1.35%. Dividends come from the companies it holds, and the fund swaps out its holdings as often as monthly, so payouts can vary. The fund does not use options or other tools to boost income. Investors focused on income may find the yield modest.
What's the difference between PAMC and XMMO?
XMMO, the Invesco S&P MidCap Momentum ETF, focuses on mid-cap momentum stocks, as its name suggests. PAMC rotates among momentum, quality, value and volatility slices each month. The two funds' holdings overlapped by 52%. XMMO charges 0.34%, compared with PAMC's 0.60%, and had about $7.2 billion in net assets versus PAMC's $53.7 million. As of October 27, 2026, XMMO returned 23.5% a year over three years, versus 16.2% for PAMC. Over one year, XMMO returned 0.7%, versus 5.6% for PAMC.
Is PAMC expensive compared with other mid-cap ETFs?
Yes. PAMC's 0.60% expense ratio is the highest among nine similar funds, whose average is 0.18%. Plain S&P MidCap 400 trackers such as SPMD and IJH charge 0.03% and 0.05%. In the SEC's standard example ($10,000 invested, 5% annual return), PAMC would cost about $61 after one year, $192 after three, $335 after five and $750 after ten. Trading costs from its 630% turnover come on top of that.
How has PAMC performed since it launched?
As of December 31, 2025, PAMC returned 1.51% over one year, 8.75% a year over five years, and 13.89% a year since its June 24, 2020 launch. Calendar-year returns were 13.24% in 2021, -12.12% in 2022, 19.28% in 2023, 26.23% in 2024 and 1.51% in 2025. Its strongest quarter gained 23.2% (ended March 31, 2024). Its weakest lost 15.39% (ended June 30, 2022). Through October 27, 2026, it was up 5.9% for 2026 so far.