ETF Research Center

HERD, a fund of funds, provides exposure to large- and small-cap companies in developed markets including the US. Its underlying indexes focus on free cash flow.

FUND BASICS
Category	Global Equities
Fund Sponsor	Pacer Financial
Website	www.paceretfs.com
Inception date	May 03, 2019
Assets (mns)	$89
Currency	USD
Expense ratio	74 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Tiered
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	5
Wgt avg mkt cap (mns)	$60,708
Large cap (>$10bn)	79.2%
Mid cap ($2-10bn)	16.2%
Small cap (<$2bn)	3.4%
Developed mkts	98.0%
Emerging mkts	1.7%

TOP TEN HOLDINGS
Total	100.0 %
PACER US CASH COWS GROWTH ETF	21.1 %
PACER DEVELOPED MARKETS INTERNATIO	20.4 %
PACER US SMALL CAP CASH COWS ETF	20.0 %
PACER GLOBAL CASH COWS DIVIDEND ET	19.5 %
PACER US CASH COWS 100 ETF	19.1 %
CASH & OTHER	0.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	63.7 %
	BRITAIN	6.5 %
	JAPAN	5.5 %
	FRANCE	4.9 %
	GERMANY	2.6 %
	SOUTH KOREA	2.1 %
	CANADA	2.1 %
	SWITZERLAND	1.9 %
	HONG KONG	1.7 %
	AUSTRALIA	1.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru June 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.1%	8.0%	14.2%	--	10.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	72%
MSCI EAFE	0.86	66%
MSCI Emg. Mkts.	0.62	36%

Technical Indicators
Recent close	$40.27
30d moving avg.	$39.13
Annualized volatility	17.5%
Short interest (ETF)	0.1%
Relative strength (RSI)	57

Liquidity measures
Avg. volume (thou.)	9
Turnover	0.4%
Bid/Ask (% of price)	0.35%
ADV underlying (mns)	$7,667

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 1 potential alternatives to the Pacer Cash Cows Fund of Funds ETF ETF based on the alternatives' overlap in portfolio holdings with HERD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

HERD

Expense:

74 bp

ALTAR Score™:

9.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH HERD
Ticker	Fund Name	Overlap¹ vs HERD (%)	Expense ratio (bp)	Savings vs HERD (bp)	ALTAR Score™ (%)	ALTAR vs HERD (%)
RNIN	Bushido Capital US SMID Cap Equity ETF	0.1	70	4	5.0	-4.5

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Pacer Cash Cows Fund of Funds ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.8	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	74	bp
Equals: ALTAR Score	9.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.62	CATEGORY AVERAGE	1.57

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.