PIMCO RAFI Dynamic Multi-Factor International Equity ETF
ALTAR
Score™
6.7% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
20.1x P/Sales
ratio
1.0x
P/BV
ratio
1.4x Div.
yield
3.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The PIMCO RAFI Dynamic Multi-Factor International Equity ETF is a smart beta strategy that seeks to track the investment results of the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, which provides dynamically-weighted exposure to multiple equity factors, including value, quality, low volatility, momentum and size.

FUND BASICS
Category International Equities
Fund Sponsor PIMCO
Website www.pimcoetfs.com
Inception date Aug 31, 2017
Assets (mns) $29
Currency USD
Expense ratio 39 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 1263
Wgt avg mkt cap (mns) $38,586
Large cap (>$10bn) 64.8%
Mid cap ($2-10bn) 27.2%
Small cap (<$2bn) 8.0%
Developed mkts 99.8%
Emerging mkts 0.2%

TOP TEN HOLDINGS
NESTLE SA-REG 1.4 %
ROCHE HOLDING AG-GENUSSCHEIN 1.2 %
GLAXOSMITHKLINE PLC 1.2 %
ZURICH FINANCIAL SERVICES AG 0.8 %
ASML HOLDING NV 0.7 %
KDDI CORPORATION 0.7 %
ASTRAZENECA PLC 0.7 %
NOVO NORDISK A/S-B 0.7 %
TOYOTA MOTOR CORP 0.7 %
IBERDROLA SA 0.7 %
Total 8.8 %

TOP COUNTRY EXPOSURE
JAPAN 28.8 %
BRITAIN 13.5 %
SWITZERLAND 7.5 %
CANADA 6.9 %
GERMANY 6.0 %
FRANCE 5.4 %
AUSTRALIA 5.3 %
SWEDEN 3.6 %
NETHERLANDS 3.3 %
SPAIN 2.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-14.2% -3.6% -- -- -3.0%

Market Correlations
versus... Beta R-squared
S&P500 0.81 85%
MSCI EAFE 0.95 98%
MSCI Emg. Mkts. 0.72 83%

Technical Indicators
Recent close $23.19
30d moving avg. $21.32
Annualized volatility 15.9%
Short interest (ETF) 0.0%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 22
Turnover 1.8%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $58,703

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the PIMCO RAFI Dynamic Multi-Factor International Equity ETF ETF based on the alternatives' overlap in portfolio holdings with MFDX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: MFDX Expense: 39 bp ALTAR Score™: 6.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MFDX
Ticker Fund
Name
Overlap1
vs MFDX
(%)
Expense
ratio
(bp)
Savings
vs MFDX
(bp)
ALTAR
Score™
(%)
ALTAR
vs MFDX
(%)
IDEV iShares Core MSCI International Developed Markets ETF 57.6 5 34 7.3 +0.6
IEFA iShares Core MSCI EAFE ETF 57.4 7 32 7.3 +0.6
SPDW SPDR Portfolio Developed World ex-US ETF 56.4 4 35 7.2 +0.6
SCHF Schwab International Equity ETF 56.3 6 33 7.4 +0.7
EFA iShares MSCI EAFE ETF 56.0 32 7 7.2 +0.5
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 55.6 35 4 7.0 +0.4
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 55.1 7 32 7.6 +0.9
VEA Vanguard FTSE Developed Markets ETF 54.6 5 34 7.4 +0.7
HFXI IQ 50 Percent Hedged FTSE International ETF 54.0 20 19 7.5 +0.9
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 53.6 20 19 7.3 +0.6
FNDF Schwab Fundamental International Large Co. Index ETF 51.8 25 14 8.7 +2.0
GSIE Goldman Sachs ActiveBeta International Equity ETF 51.3 25 14 6.8 +0.1
JHMD John Hancock Multifactor Developed International ETF 50.9 45 -6 7.4 +0.8
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 50.3 45 -6 8.8 +2.2
QEFA SPDR MSCI EAFE Quality Mix ETF 48.8 30 9 6.8 +0.1
ACWX iShares MSCI ACWI ex U.S. ETF 47.8 32 7 7.5 +0.8
DWM WisdomTree International Equity Fund 47.7 48 -9 8.2 +1.6
IXUS ishares Core MSCI Total International Stock ETF 47.0 9 30 7.6 +0.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 46.9 40 -1 7.4 +0.7
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 46.7 35 4 8.6 +1.9
VEU Vanguard FTSE All-World ex-US Index Fund 46.4 8 31 7.7 +1.1
IQSI IQ Candriam ESG International Equity ETF 46.4 15 24 7.3 +0.6
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 46.1 39 0 9.1 +2.4
ESGD iShares MSCI EAFE ESG Optimized ETF 45.5 20 19 7.2 +0.5
ISZE iShares Edge MSCI Intl Size Factor ETF 45.4 30 9 6.9 +0.3
VXUS Vanguard Total International Stock Index Fund 45.1 8 31 7.7 +1.0
CWI SPDR MSCI ACWI ex-US ETF 44.4 30 9 7.6 +0.9
ISDX Invesco Strategic Developed ex-US ETF 44.4 23 16 7.4 +0.7
PDEV Principal International Multi-Factor Core Index ETF 44.2 25 14 7.9 +1.2
AVDE Avantis International Equity ETF 43.5 23 16 7.9 +1.2
IEUR iShares Core MSCI Europe ETF 43.3 9 30 7.3 +0.6
VSGX Vanguard ESG International Stock ETF 42.2 17 22 7.4 +0.7
FEU SPDR Portfolio Europe ETF 42.1 9 30 7.3 +0.6
VGK Vanguard FTSE Europe ETF 42.1 8 31 7.3 +0.6
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 41.7 24 15 7.2 +0.5
CIL VictoryShares International Volatility Weighted Index ETF 41.4 45 -6 6.7 +0.0
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 41.0 30 9 6.8 +0.2
IQIN IQ 500 International ETF 40.9 25 14 9.0 +2.3
FLEE Franklin FTSE Europe ETF 40.7 9 30 7.0 +0.3
FLEH Franklin FTSE Europe Hedged ETF 40.7 9 30 7.2 +0.5
DBEU Xtrackers MSCI Europe Hedged Equity ETF 39.1 45 -6 6.8 +0.1
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 39.1 14 25 7.0 +0.3
BBEU JPMorgan BetaBuilders Europe ETF 39.0 9 30 7.3 +0.6
DOL WisdomTree International LargeCap Dividend Fund 38.8 48 -9 8.5 +1.9
EFG iShares MSCI EAFE Growth ETF 38.8 40 -1 4.7 -2.0
IEV iShares Europe ETF 38.0 59 -20 6.8 +0.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 36.9 16 23 7.1 +0.4
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 36.4 25 14 6.7 +0.0
IMTM iShares Edge MSCI Intl Momentum Factor ETF 35.1 30 9 5.0 -1.7
EFV iShares MSCI EAFE Value ETF 34.4 39 0 10.0 +3.3
IDY Pacific Global International Equity Income ETF 34.1 39 0 8.0 +1.4
PQIN PGIM QMA Strategic Alpha International Equity ETF 33.7 29 10 8.1 +1.4
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 33.0 48 -9 0.0 -6.7
RODM Hartford Multifactor Developed Markets (ex-US) ETF 32.5 29 10 8.6 +1.9
VPL Vanguard FTSE Pacific ETF 32.4 8 31 7.8 +1.1
IPAC iShares Core MSCI Pacific ETF 32.3 9 30 7.5 +0.8
TPIF Timothy Plan International ETF 32.1 62 -23 7.0 +0.3
IDLB Invesco FTSE International Low Beta Equal Weight ETF 31.0 45 -6 7.2 +0.5
VYMI Vanguard International High Dividend Yield ETF 31.0 32 7 10.1 +3.4
RNDM Developed International Equity Select ETF 31.0 65 -26 6.4 -0.3
JPEU JPMorgan Diversified Return Europe Equity ETF 30.9 37 2 6.8 +0.1
SCID Global X Scientific Beta Europe ETF 30.9 38 1 6.9 +0.2
QINT American Century Quality Diversified International ETF 30.8 39 0 5.9 -0.8
IQLT iShares Edge MSCI Intl Quality Factor ETF 30.8 30 9 6.2 -0.5
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 30.5 45 -6 6.9 +0.2
EFAV iShares Edge MSCI Min Vol EAFE ETF 30.0 20 19 5.9 -0.8
RFDI First Trust Riverfront Dynamic Developed International ETF 29.7 83 -44 6.3 -0.4
JPIN JPMorgan Diversified Return International Equity ETF 29.2 38 1 8.0 +1.3
JPGE JPMorgan Diversified Return Global Equity ETF 29.2 29 10 7.3 +0.6
UIVM VictoryShares USAA MSCI International Value Momentum ETF 28.6 35 4 8.6 +1.9
RBIN Nationwide Risk-Based International Equity ETF 28.2 42 -3 6.5 -0.2
QWLD SPDR MSCI World StrategicFactors ETF 27.4 30 9 6.0 -0.6
IDMO Invesco S&P International Developed Momentum ETF 26.8 25 14 4.7 -2.0
ESGG FlexShares STOXX Global ESG Impact Index Fund 26.7 42 -3 5.6 -1.1
URTH iShares MSCI World ETF 26.3 24 15 5.8 -0.9
FDEV Fidelity Targeted International Factor ETF 25.8 39 0 6.5 -0.2
FLJP Franklin FTSE Japan ETF 25.4 9 30 7.8 +1.2
HFXJ IQ 50 Percent Hedged FTSE Japan ETF 25.4 30 9 7.6 +0.9
FLJH Franklin FTSE Japan Hedged ETF 25.4 9 30 7.7 +1.1
EUMV iShares Edge MSCI Min Vol Europe ETF 24.4 25 14 5.5 -1.2
BBJP JPMorgan BetaBuilders Japan ETF 24.3 19 20 7.7 +1.0
DTH WisdomTree DEFA Equity Income Fund 24.2 58 -19 9.6 +2.9
IDHQ Invesco S&P International Developed High Quality ETF 24.1 29 10 5.4 -1.3
EWJ iShares MSCI Japan ETF 23.6 49 -10 7.4 +0.7
DWMF WisdomTree International Multifactor Fund 23.5 38 1 6.8 +0.2
QJPN SPDR MSCI Japan StrategicFactors ETF 23.5 14 25 8.0 +1.3
ACWI iShares MSCI ACWI ETF 23.4 32 7 6.0 -0.7
DBJP Xtrackers MSCI Japan Hedged Equity ETF 23.3 45 -6 7.4 +0.7
JPXN iShares JPX-Nikkei 400 ETF 23.2 48 -9 7.5 +0.8
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 23.2 25 14 7.6 +0.9
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 23.1 9 30 7.9 +1.3
IVLU iShares Edge MSCI Intl Value Factor ETF 23.0 30 9 11.3 +4.6
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 22.8 32 7 6.5 -0.2
OEUR O'shares FTSE Europe Quality Dividend ETF 22.6 48 -9 6.6 -0.1
IGRO iShares International Dividend Growth ETF 22.4 22 17 8.0 +1.3
LOWC SPDR MSCI ACWI Low Carbon Target ETF 22.3 20 19 6.4 -0.3
VT Vanguard Total World Stock Index Fund 22.2 8 31 6.3 -0.4
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 22.0 45 -6 6.8 +0.1
CRBN iShares MSCI ACWI Low Carbon Target ETF 21.9 20 19 6.3 -0.4

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

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
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
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
PIMCO RAFI Dynamic Multi-Factor International Equity ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.7 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 6.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 CATEGORY
AVERAGE
1.59
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.