What this ETF is trying to do

The PACER CASH COWS FUND OF FUNDS ETF (HERD) is a "fund of funds." This means instead of buying individual company stocks, it invests in other ETFs. Based on its holdings, it focuses on various "Cash Cows" ETFs, which typically target companies with strong cash flow.

What the numbers show

As of October 9, 2026, the share price is $49.54.

When looking at performance, it is important to distinguish between price return (the change in share price) and total return (which includes the share price change plus distributions).

• Year-to-Date (YTD): The price return is 13.99%, while the total return is 15.20%.

• One Year: The price return is 17.38%, while the total return is 21.82%.

• Three Year: The price return is 44.47%, while the total return is 56.26%.

For a simple example, if you had invested $10,000 based on the estimated price from roughly one year ago ($42.20), the price-only increase would have grown that investment to approximately $11,737.95.

Income and distribution explanation

This ETF has a distribution yield of approximately 3.48%. Over the last 12 months, it has made 2 payouts. The distribution frequency is described as irregular or less frequent.

It is important for beginners to remember that a high distribution yield alone can be misleading. Yield shows the cash paid out relative to the price, but it does not guarantee that the overall investment is growing.

NAV erosion explanation

"NAV erosion" happens when the net asset value of a fund declines over time, often meaning the fund is losing its underlying value.

For HERD, the erosion score is 100, and the erosion label states "No price erosion detected." The erosion severity is rated as "good," and the severe erosion-risk flag is false. This means the screening rules did not detect a concerning downward trend in value.

Top Holdings

As of October 11, 2026, the fund holds five other ETFs. The portfolio is split almost evenly:

• COWZ (PACER US CASH COWS 100 ETF): 20.21%

• CALF (PACER US SMALL CAP CASH COWS 100 ETF): 20.21%

• BUL (PACER US CASH COWS GROWTH ETF): 20.11%

• ICOW (PACER DEV MKTS INTL CSH COWS 100 ETF): 19.71%

• GCOW (PACER GLOBAL CASH COWS DIVIDEND ETF): 19.67%

Pros

• Positive price and total returns over the short and long term.

• No detected price erosion.

• Provides a diversified mix of other "Cash Cows" ETFs.

Cons

• Distributions are irregular and less frequent.

• The distribution yield is relatively low compared to some specialized income funds.

Beginner takeaway

HERD is a diversified fund that holds other ETFs. It has shown growth in both share price and total return over the last three years. While it provides some cash income, its primary movement has been upward in price, and it currently shows no signs of NAV erosion.