PIMCO RAFI Dynamic Multi-Factor International Equity ETF
ALTAR
Score™
6.5% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
23.0x P/Sales
ratio
1.0x
P/BV
ratio
1.4x Div.
yield
2.9%


  • 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) $25
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 1233
Wgt avg mkt cap (mns) $41,586
Large cap (>$10bn) 66.3%
Mid cap ($2-10bn) 26.5%
Small cap (<$2bn) 7.1%
Developed mkts 99.7%
Emerging mkts 0.2%

TOP TEN HOLDINGS
NESTLE SA-REG 1.4 %
ROCHE HOLDING AG-GENUSSCHEIN 1.1 %
GLAXOSMITHKLINE PLC 1.1 %
ASML HOLDING NV 0.8 %
IBERDROLA SA 0.7 %
ASTRAZENECA PLC 0.7 %
KDDI CORPORATION 0.7 %
NOVO NORDISK A/S-B 0.7 %
ZURICH FINANCIAL SERVICES AG 0.7 %
TOYOTA MOTOR CORP 0.7 %
Total 8.7 %

TOP COUNTRY EXPOSURE
JAPAN 25.2 %
BRITAIN 13.9 %
CANADA 7.9 %
SWITZERLAND 7.7 %
FRANCE 6.0 %
GERMANY 6.0 %
AUSTRALIA 5.9 %
NETHERLANDS 4.0 %
SWEDEN 3.4 %
SPAIN 2.8 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-9.5% -1.4% -- -- -1.0%

Market Correlations
versus... Beta R-squared
S&P500 0.81 84%
MSCI EAFE 0.95 98%
MSCI Emg. Mkts. 0.67 81%

Technical Indicators
Recent close $23.95
30d moving avg. $23.45
Annualized volatility 15.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 8
Turnover 0.8%
Bid/Ask (% of price) 0.14%
ADV underlying (mns) $51,572

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™: 6.5%


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 58.0 5 34 7.3 +0.7
IEFA iShares Core MSCI EAFE ETF 56.8 7 32 7.3 +0.8
SPDW SPDR Portfolio Developed World ex-US ETF 55.8 4 35 7.2 +0.6
EFA iShares MSCI EAFE ETF 55.8 32 7 7.1 +0.6
SCHF Schwab International Equity ETF 55.6 6 33 7.4 +0.8
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 54.9 35 4 6.9 +0.3
GSID Goldman Sachs MarketBeta International Equity ETF 54.7 20 19 7.4 +0.8
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 54.5 7 32 7.6 +1.1
VEA Vanguard FTSE Developed Markets ETF 54.0 5 34 7.4 +0.9
HFXI IQ 50 Percent Hedged FTSE International ETF 53.5 20 19 7.4 +0.9
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 53.3 20 19 7.1 +0.6
BKIE BNY Mellon International Equity ETF 52.5 4 35 7.4 +0.8
GSIE Goldman Sachs ActiveBeta International Equity ETF 51.5 25 14 6.6 +0.1
JHMD John Hancock Multifactor Developed International ETF 50.9 39 0 7.5 +1.0
FNDF Schwab Fundamental International Large Co. Index ETF 50.2 25 14 8.8 +2.3
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 50.0 45 -6 8.8 +2.3
QEFA SPDR MSCI EAFE Quality Mix ETF 49.9 30 9 6.9 +0.4
ESGD iShares MSCI EAFE ESG Optimized ETF 47.9 20 19 7.0 +0.4
DWM WisdomTree International Equity Fund 47.4 48 -9 8.4 +1.8
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 47.0 35 4 8.6 +2.0
ACWX iShares MSCI ACWI ex U.S. ETF 47.0 32 7 7.3 +0.7
IQSI IQ Candriam ESG International Equity ETF 46.2 15 24 7.3 +0.8
ISDX Invesco Strategic Developed ex-US ETF 46.1 23 16 7.4 +0.8
IXUS ishares Core MSCI Total International Stock ETF 45.9 9 30 7.4 +0.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 45.9 40 -1 7.0 +0.5
VEU Vanguard FTSE All-World ex-US Index Fund 45.4 8 31 7.5 +1.0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 45.3 39 0 8.4 +1.9
ISZE iShares Edge MSCI Intl Size Factor ETF 44.9 30 9 7.4 +0.9
IEUR iShares Core MSCI Europe ETF 44.4 9 30 7.3 +0.7
CWI SPDR MSCI ACWI ex-US ETF 44.1 30 9 7.2 +0.6
VXUS Vanguard Total International Stock Index Fund 43.9 8 31 7.5 +1.0
AVDE Avantis International Equity ETF 43.4 23 16 7.8 +1.3
PDEV Principal International Multi-Factor Core Index ETF 43.4 25 14 7.9 +1.4
FEU SPDR Portfolio Europe ETF 43.2 9 30 7.3 +0.8
VGK Vanguard FTSE Europe ETF 43.0 8 31 7.4 +0.9
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 42.4 30 9 6.9 +0.3
FLEE Franklin FTSE Europe ETF 42.0 9 30 7.0 +0.5
FLEH Franklin FTSE Europe Hedged ETF 41.9 9 30 7.1 +0.5
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 41.5 24 15 7.2 +0.6
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 41.5 45 -6 6.7 +0.1
CIL VictoryShares International Volatility Weighted Index ETF 41.4 45 -6 6.7 +0.1
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 40.9 35 4 7.0 +0.4
VSGX Vanguard ESG International Stock ETF 40.8 17 22 7.1 +0.6
IQIN IQ 500 International ETF 40.5 25 14 8.8 +2.3
DBEU Xtrackers MSCI Europe Hedged Equity ETF 40.5 45 -6 6.6 +0.1
BBEU JPMorgan BetaBuilders Europe ETF 40.5 9 30 7.4 +0.8
IEV iShares Europe ETF 39.6 59 -20 6.8 +0.3
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 39.4 14 25 7.0 +0.5
DOL WisdomTree International LargeCap Dividend Fund 39.1 48 -9 8.7 +2.1
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 37.9 25 14 6.5 -0.0
EFG iShares MSCI EAFE Growth ETF 37.0 40 -1 4.6 -2.0
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 36.8 16 23 6.9 +0.4
IMTM iShares Edge MSCI Intl Momentum Factor ETF 36.0 30 9 4.4 -2.1
EFV iShares MSCI EAFE Value ETF 35.9 39 0 9.7 +3.1
PQIN PGIM QMA Strategic Alpha International Equity ETF 34.7 29 10 7.7 +1.2
IDY Pacific Global International Equity Income ETF 33.2 39 0 8.1 +1.5
SCID Global X Scientific Beta Europe ETF 32.9 39 0 6.5 -0.1
IQLT iShares Edge MSCI Intl Quality Factor ETF 32.9 30 9 6.1 -0.5
QINT American Century Quality Diversified International ETF 32.3 39 0 5.7 -0.8
RODM Hartford Multifactor Developed Markets (ex-US) ETF 32.2 29 10 8.6 +2.1
TPIF Timothy Plan International ETF 32.2 62 -23 6.3 -0.3
RNDM Developed International Equity Select ETF 31.8 65 -26 6.3 -0.2
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 31.2 30 9 0.0 -6.5
RBIN Nationwide Risk-Based International Equity ETF 30.9 42 -3 6.2 -0.3
IDLB Invesco FTSE International Low Beta Equal Weight ETF 30.9 45 -6 7.1 +0.6
VPL Vanguard FTSE Pacific ETF 29.9 8 31 7.6 +1.1
JPIN JPMorgan Diversified Return International Equity ETF 29.6 37 2 7.9 +1.4
EFAV iShares Edge MSCI Min Vol EAFE ETF 29.6 20 19 5.5 -1.0
IPAC iShares Core MSCI Pacific ETF 29.6 9 30 7.4 +0.8
VYMI Vanguard International High Dividend Yield ETF 29.0 32 7 10.1 +3.5
QWLD SPDR MSCI World StrategicFactors ETF 28.8 30 9 6.0 -0.5
VGFO Virtus WMC Global Factor Opportunities ETF 28.0 49 -10 7.9 +1.4
ESGG FlexShares STOXX Global ESG Impact Index Fund 27.6 42 -3 5.3 -1.3
IDMO Invesco S&P International Developed Momentum ETF 27.3 26 13 4.5 -2.1
UIVM VictoryShares USAA MSCI International Value Momentum ETF 27.0 35 4 8.7 +2.1
FDEV Fidelity Targeted International Factor ETF 26.0 39 0 6.6 +0.1
URTH iShares MSCI World ETF 25.8 24 15 5.5 -1.0
RFDI First Trust Riverfront Dynamic Developed International ETF 25.2 83 -44 5.7 -0.9
EUMV iShares Edge MSCI Min Vol Europe ETF 24.4 25 14 5.0 -1.5
DTH WisdomTree DEFA Equity Income Fund 24.3 58 -19 9.8 +3.3
IDHQ Invesco S&P International Developed Quality ETF 24.0 29 10 5.1 -1.4
OEUR O'shares FTSE Europe Quality Dividend ETF 23.5 48 -9 6.7 +0.2
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 23.2 45 -6 6.7 +0.2
IGRO iShares International Dividend Growth ETF 23.0 22 17 8.0 +1.5
ACWI iShares MSCI ACWI ETF 22.8 32 7 5.7 -0.8
IVLU iShares Edge MSCI Intl Value Factor ETF 22.6 30 9 11.6 +5.1
IDLV Invesco S&P International Developed Low Volatility ETF 22.5 25 14 6.8 +0.3
FLJH Franklin FTSE Japan Hedged ETF 22.3 9 30 7.7 +1.2
HFXJ IQ 50 Percent Hedged FTSE Japan ETF 22.3 30 9 7.6 +1.0
FLJP Franklin FTSE Japan ETF 22.3 9 30 7.7 +1.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 21.7 20 19 6.0 -0.6
DWMF WisdomTree International Multifactor Fund 21.7 38 1 6.8 +0.2
LOWC SPDR MSCI ACWI Low Carbon Target ETF 21.7 20 19 5.9 -0.6
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 21.6 32 7 6.4 -0.2
TOK iShares MSCI Kokusai ETF 21.5 25 14 5.4 -1.2
BBJP JPMorgan BetaBuilders Japan ETF 21.3 19 20 7.6 +1.0
KOKU Xtrackers MSCI Kokusai Equity ETF 21.1 9 30 5.5 -1.0
VT Vanguard Total World Stock Index Fund 21.0 8 31 6.0 -0.5
EURZ Xtrackers Eurozone Equity ETF 20.9 9 30 7.1 +0.5

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

  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 9.6 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 39 bp
Equals: ALTAR Score 6.5 %
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.