PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
ALTAR
Score™
11.1% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
10.0x P/Sales
ratio
0.6x
P/BV
ratio
0.8x Div.
yield
4.3%


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

FUND BASICS
Category Emerging Market Equities
Fund Sponsor PIMCO
Website www.pimcoetfs.com
Inception date Aug 31, 2017
Assets (mns) $463
Currency USD
Expense ratio 49 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 581
Wgt avg mkt cap (mns) $42,586
Large cap (>$10bn) 59.5%
Mid cap ($2-10bn) 33.0%
Small cap (<$2bn) 5.9%
Developed mkts 8.0%
Emerging mkts 92.0%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR-SP ADR 4.3 %
HDFC BANK LTD-ADR 2.0 %
ALIBABA GROUP HOLDING LTD. SPONSOR 2.0 %
MMC NORILSK NICKEL OJSC 1.9 %
SAMSUNG ELECTRONICS CO LTD 1.9 %
HYNIX SEMICONDUCTOR INC 1.8 %
INFOSYS TECHNOLOGIES-SP ADR 1.7 %
HYUNDAI MOTOR CO 1.6 %
GAZPROM OAO 1.5 %
JD.COM INC-ADR 1.5 %
Total 20.2 %

TOP COUNTRY EXPOSURE
SOUTH KOREA 16.5 %
TAIWAN 15.6 %
CHINA 15.5 %
RUSSIA 8.5 %
BRAZIL 7.0 %
INDIA 5.8 %
SOUTH AFRICA 4.5 %
HONG KONG 4.2 %
THAILAND 4.1 %
MEXICO 2.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-29.6% -24.0% -- -- -10.8%

Market Correlations
versus... Beta R-squared
S&P500 0.89 62%
MSCI EAFE 1.07 82%
MSCI Emg. Mkts. 0.95 94%

Technical Indicators
Recent close $16.96
30d moving avg. $19.22
Annualized volatility 18.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 35

Liquidity measures
Avg. volume (thou.) 88
Turnover 0.3%
Bid/Ask (% of price) 0.43%
ADV underlying (mns) $18,538

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF ETF based on the alternatives' overlap in portfolio holdings with MFEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: MFEM Expense: 49 bp ALTAR Score™: 11.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MFEM
Ticker Fund
Name
Overlap1
vs MFEM
(%)
Expense
ratio
(bp)
Savings
vs MFEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs MFEM
(%)
JHEM John Hancock Multifactor Emerging Markets ETF 40.6 55 -6 10.8 -0.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 37.8 65 -16 10.0 -1.1
EEM iShares MSCI Emerging Markets ETF 37.8 68 -19 10.0 -1.1
EMXC iShares MSCI Emerging Markets ex China ETF 36.8 49 0 10.3 -0.7
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 35.9 49 0 10.3 -0.8
IEMG iShares Core MSCI Emerging Markets ETF 35.3 14 35 10.5 -0.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 35.0 45 4 10.3 -0.8
EEMA iShares MSCI Emerging Markets Asia ETF 34.4 50 -1 10.1 -1.0
PBEE Invesco PureBeta FTSE Emerging Markets ETF 34.3 14 35 11.3 +0.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 34.2 30 19 10.4 -0.7
GMF SPDR S&P Emerging Asia Pacific ETF 33.3 49 0 9.4 -1.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 32.9 32 17 8.5 -2.6
PXH Invesco FTSE RAFI Emerging Markets ETF 32.9 50 -1 16.0 +4.9
VWO Vanguard FTSE Emerging Markets ETF 32.8 10 39 10.5 -0.6
AVEM Avantis Emerging Markets Equity ETF 32.0 33 16 11.7 +0.6
SCHE Schwab Emerging Markets Equity ETF 31.5 13 36 10.3 -0.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 30.9 30 19 10.8 -0.3
ISEM Invesco Strategic Emerging Markets ETF 30.8 35 14 11.9 +0.8
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 30.6 59 -10 13.2 +2.1
FLAX Franklin FTSE Asia Ex Japan ETF 29.7 19 30 10.0 -1.1
AAXJ iShares MSCI All Country Asia ex Japan ETF 29.7 68 -19 9.4 -1.7
SPEM SPDR Portfolio Emerging Markets ETF 29.1 11 38 10.2 -0.8
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 28.9 45 4 10.6 -0.5
DVEM WisdomTree Emerging Markets Dividend Fund 28.3 32 17 11.0 -0.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 26.7 39 10 15.3 +4.2
ROAM Hartford Multifactor Emerging Markets ETF 26.4 44 5 17.8 +6.7
CEZ Victory CEMP Emerging Market Volatility Wtd Index ETF 26.4 50 -1 12.6 +1.5
ESGE iShares ESG MSCI EM ETF 26.3 25 24 11.6 +0.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 25.3 20 29 9.2 -1.9
BICK First Trust BICK Index Fund 24.9 64 -15 6.4 -4.7
XCEM Columbia EM Core ex-China ETF 24.2 16 33 9.7 -1.4
BKF iShares MSCI BRIC ETF 24.0 69 -20 10.0 -1.1
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 22.0 45 4 16.3 +5.2
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 21.9 64 -15 7.7 -3.4
EMCG WisdomTree Emerging Markets Consumer Growth Fund 21.8 32 17 9.2 -1.9
FDEM Fidelity Targeted Emerging Markets Factor ETF 21.6 45 4 11.6 +0.5
RNEM Emerging Markets Equity Select ETF 21.3 75 -26 11.6 +0.6
AXJL WisdomTree Asia Pacific ex-Japan Fund 20.1 48 1 11.0 -0.1
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 19.9 25 24 9.7 -1.3
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 19.8 32 17 11.4 +0.3
EMMF WisdomTree Emerging Markets Multifactor Fund 19.4 48 1 11.8 +0.8
LVHE Legg Mason Emerging Markets Low Volatility High Dividend ETF 19.1 51 -2 13.8 +2.7
FRDM Freedom 100 Emerging Markets ETF 18.7 49 0 9.2 -1.9
MCHI iShares MSCI China ETF 18.2 59 -10 10.2 -0.9
GXC SPDR S&P China ETF 17.9 59 -10 10.1 -1.0
FLCH Franklin FTSE China ETF 17.5 19 30 10.4 -0.7
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 17.2 40 9 8.9 -2.2
EEMO Invesco S&P Emerging Markets Momentum ETF 17.2 30 19 12.2 +1.1
NUEM Nuveen ESG Emerging Markets Equity ETF 17.0 45 4 9.3 -1.8
EELV Invesco S&P Emerging Markets Low Volatility ETF 16.7 29 20 12.5 +1.4
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 16.3 95 -46 12.3 +1.2
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 16.0 45 4 11.8 +0.7
FLKR Franklin FTSE South Korea ETF 15.9 9 40 12.5 +1.5
EWY iShares MSCI South Korea ETF 15.6 59 -10 12.0 +0.9
CN Xtrackers MSCI All China Equity ETF 15.4 50 -1 10.5 -0.6
DEM WisdomTree Emerging Markets High Dividend Fund 15.3 63 -14 16.6 +5.5
KALL KraneShares FTSE Emerging Markets Plus ETF 15.0 49 0 10.1 -1.0
FEM First Trust Emerging Markets AlphaDEX Fund 14.9 80 -31 14.7 +3.6
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 14.8 18 31 7.4 -3.7
AIA iShares Asia 50 ETF 14.3 50 -1 10.1 -1.0
PIE Invesco DWA Emerging Markets Momentum ETF 13.7 90 -41 7.1 -4.0
WCHN WisdomTree ICBCCS S&P China 500 Fund 13.5 55 -6 9.8 -1.3
ACWX iShares MSCI ACWI ex U.S. ETF 13.3 32 17 9.4 -1.7
FKO First Trust South Korea AlphadDEX Fund 13.1 80 -31 12.6 +1.5
VEU Vanguard FTSE All-World ex-US Index Fund 13.0 8 41 9.7 -1.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 13.0 40 9 9.2 -1.9
VXUS Vanguard Total International Stock Index Fund 12.3 8 41 9.7 -1.4
VSGX Vanguard ESG International Stock ETF 12.3 17 32 9.2 -1.9
IXUS ishares Core MSCI Total International Stock ETF 11.8 9 40 9.5 -1.6
CXSE WisdomTree China ex-State-Owned Enterprises Fund 11.7 32 17 8.2 -2.9
DOGS Arrow Dogs of the World ETF 11.7 134 -85 13.9 +2.8
FNI First Trust Chindia ETF 11.7 59 -10 4.7 -6.4
ECON Columbia Emerging Markets Consumer ETF 11.7 59 -10 5.8 -5.3
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 11.4 20 29 13.0 +1.9
CWI SPDR MSCI ACWI ex-US ETF 11.3 30 19 9.4 -1.7
EWT iShares MSCI Taiwan ETF 11.2 59 -10 7.7 -3.4
CHIL Global X MSCI China Large-Cap 50 ETF 10.9 29 20 10.6 -0.5
FLTW Franklin FTSE Taiwan ETF 10.8 19 30 8.1 -3.0
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 10.8 16 33 8.8 -2.3
FLLA Franklin FTSE Latin America ETF 10.7 19 30 9.4 -1.7
ECOW Pacer Emerging Markets Cash Cows 100 ETF 10.5 70 -21 15.5 +4.4
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 10.2 80 -31 11.6 +0.5
VYMI Vanguard International High Dividend Yield ETF 10.1 32 17 12.4 +1.3
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 9.5 60 -11 10.1 -1.0
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 9.3 51 -2 20.4 +9.3
LEGR First Trust Index Digital Transaction & Process Technology E 9.3 65 -16 9.3 -1.8
VIDI Vident International Equity Fund 9.1 59 -10 15.1 +4.0
FONE First Trust Indxx NextG ETF 8.6 70 -21 7.4 -3.7
BLOK Amplify Transformational Data Sharing ETF 8.5 70 -21 5.0 -6.1
DVYE iShares Emerging Markets Dividend ETF 8.4 49 0 15.1 +4.0
BLCN Reality Shares Nasdaq NextGen Economy ETF 8.4 68 -19 6.2 -4.9
FLRU Franklin FTSE Russia ETF 8.4 19 30 22.6 +11.5
GDAT Goldman Sachs Motif Data-Driven World Etf 8.3 50 -1 7.0 -4.1
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 8.2 80 -31 2.2 -8.9
FDNI First Trust Dow Jones International Internet ETF 7.9 65 -16 4.2 -6.9
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 7.9 86 -37 3.5 -7.6
ERUS iShares MSCI Russia ETF 7.7 59 -10 18.0 +6.9
EMFM Global X MSCI Next Emerging & Frontier ETF 7.6 55 -6 10.2 -0.8
ACWF iShares FactorSelect MSCI Global ETF 7.5 35 14 10.2 -0.9
LVIN Hartford Multifactor Low Volatility International Equity ETF 7.3 29 20 14.7 +3.6

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 Emerging Markets Equity ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.4 %
Divided by: Fwd. P/BV 0.8 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 11.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.45 CATEGORY
AVERAGE
1.45
 
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.