PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
ALTAR
Score™
8.5% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
9.7x P/Sales
ratio
0.6x
P/BV
ratio
1.2x Div.
yield
7.8%


  • 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) $733
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 571
Wgt avg mkt cap (mns) $81,511
Large cap (>$10bn) 65.4%
Mid cap ($2-10bn) 28.0%
Small cap (<$2bn) 3.7%
Developed mkts 9.4%
Emerging mkts 89.9%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 4.1 %
HYUNDAI MOTOR CO 2.8 %
VALE SA 2.6 %
SAMSUNG ELECTRONICS CO LTD 2.3 %
MEITUAN DIANPING 2.2 %
JD.COM INC-ADR 2.0 %
TENCENT HOLDINGS LTD 2.0 %
ALIBABA GROUP HOLDING LTD. SPONSOR 1.7 %
NETEASE.COM INC-ADR 1.6 %
INFOSYS TECHNOLOGIES-SP ADR 1.6 %
Total 22.9 %

TOP COUNTRY EXPOSURE
SOUTH KOREA 21.1 %
CHINA 18.9 %
TAIWAN 15.0 %
BRAZIL 7.5 %
RUSSIA 5.5 %
SOUTH AFRICA 4.9 %
INDIA 4.6 %
HONG KONG 3.2 %
THAILAND 2.6 %
MEXICO 1.8 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-8.9% -2.8% -- -- -1.0%

Market Correlations
versus... Beta R-squared
S&P500 0.85 64%
MSCI EAFE 1.05 80%
MSCI Emg. Mkts. 0.91 93%

Technical Indicators
Recent close $25.33
30d moving avg. $23.70
Annualized volatility 19.0%
Short interest (ETF) 0.2%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 20
Turnover 0.1%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $21,024

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 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™: 8.5%


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 44.0 49 0 8.1 -0.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 43.8 65 -16 7.0 -1.5
EEM iShares MSCI Emerging Markets ETF 42.4 68 -19 6.9 -1.6
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 40.5 36 13 7.6 -0.8
EEMA iShares MSCI Emerging Markets Asia ETF 40.5 50 -1 7.3 -1.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 40.1 30 19 7.2 -1.3
IEMG iShares Core MSCI Emerging Markets ETF 39.9 13 36 7.4 -1.1
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 39.6 45 4 7.1 -1.4
BKEM BNY Mellon Emerging Markets Equity ETF 39.5 11 38 7.7 -0.8
EMXC iShares MSCI Emerging Markets ex China ETF 39.2 25 24 7.3 -1.2
PBEE Invesco PureBeta FTSE Emerging Markets ETF 38.6 15 34 8.1 -0.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 38.2 32 17 5.6 -2.9
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 38.1 49 0 6.8 -1.7
PXH Invesco FTSE RAFI Emerging Markets ETF 36.5 50 -1 12.5 +4.0
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 36.0 30 19 8.2 -0.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 36.0 68 -19 6.6 -1.9
ESGE iShares ESG Aware MSCI EM ETF 35.7 25 24 7.9 -0.5
FLAX Franklin FTSE Asia Ex Japan ETF 35.3 19 30 7.2 -1.3
SCHE Schwab Emerging Markets Equity ETF 34.7 11 38 7.4 -1.1
LDEM iShares ESG MSCI EM Leaders ETF 34.5 16 33 7.3 -1.2
SPEM SPDR Portfolio Emerging Markets ETF 34.3 11 38 7.2 -1.3
VWO Vanguard FTSE Emerging Markets ETF 34.0 10 39 7.5 -1.0
ISEM Invesco Strategic Emerging Markets ETF 33.2 35 14 10.0 +1.6
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 32.5 20 29 6.3 -2.2
DVEM WisdomTree Emerging Markets Dividend Fund 32.4 32 17 6.9 -1.6
AVEM Avantis Emerging Markets Equity ETF 31.8 33 16 8.0 -0.5
EEMO Invesco S&P Emerging Markets Momentum ETF 30.7 29 20 4.0 -4.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 30.0 59 -10 10.1 +1.6
GMF SPDR S&P Emerging Asia Pacific ETF 29.5 49 0 6.7 -1.8
XCEM Columbia EM Core ex-China ETF 29.0 16 33 6.5 -2.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 28.8 39 10 12.0 +3.5
FDEM Fidelity Targeted Emerging Markets Factor ETF 25.9 45 4 8.0 -0.5
BICK First Trust BICK Index Fund 25.3 64 -15 4.3 -4.2
BKF iShares MSCI BRIC ETF 25.2 69 -20 7.1 -1.4
ROAM Hartford Multifactor Emerging Markets ETF 25.1 44 5 12.2 +3.7
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 24.3 44 5 8.4 -0.1
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 24.0 25 24 7.5 -1.0
NUEM Nuveen ESG Emerging Markets Equity ETF 23.9 45 4 6.3 -2.2
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 23.5 50 -1 10.0 +1.6
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 23.4 32 17 8.0 -0.5
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 23.3 45 4 13.4 +4.9
EMMF WisdomTree Emerging Markets Multifactor Fund 22.8 48 1 9.3 +0.8
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 22.3 40 9 6.8 -1.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 22.0 95 -46 8.1 -0.4
AIA iShares Asia 50 ETF 21.4 50 -1 7.1 -1.4
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 21.2 45 4 8.7 +0.2
FLKR Franklin FTSE South Korea ETF 20.5 9 40 7.8 -0.7
MCHI iShares MSCI China ETF 20.2 59 -10 7.5 -1.0
EWY iShares MSCI South Korea ETF 19.9 59 -10 7.4 -1.1
GXC SPDR S&P China ETF 19.8 59 -10 7.4 -1.0
FLCH Franklin FTSE China ETF 19.6 19 30 8.0 -0.4
VSGX Vanguard ESG International Stock ETF 19.0 17 32 6.6 -1.9
KALL KraneShares FTSE Emerging Markets Plus ETF 17.9 49 0 7.6 -0.9
RNEM Emerging Markets Equity Select ETF 17.9 75 -26 10.4 +1.9
CN Xtrackers MSCI All China Equity ETF 17.7 50 -1 7.7 -0.7
ECON Columbia Emerging Markets Consumer ETF 17.4 59 -10 5.1 -3.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 17.0 40 9 6.5 -1.9
ACWX iShares MSCI ACWI ex U.S. ETF 16.9 32 17 6.7 -1.8
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 16.9 16 33 6.3 -2.1
FRDM Freedom 100 Emerging Markets ETF 16.5 49 0 5.8 -2.7
PIE Invesco DWA Emerging Markets Momentum ETF 16.2 90 -41 4.7 -3.8
VYMI Vanguard International High Dividend Yield ETF 15.3 27 22 9.3 +0.8
EWEB Global X Emerging Markets Internet & E-commerce ETF 15.3 65 -16 2.8 -5.6
EELV Invesco S&P Emerging Markets Low Volatility ETF 15.3 29 20 9.5 +1.1
IXUS ishares Core MSCI Total International Stock ETF 15.2 9 40 6.8 -1.7
FKO First Trust South Korea AlphadDEX Fund 15.0 80 -31 9.9 +1.4
FLTW Franklin FTSE Taiwan ETF 14.9 19 30 5.8 -2.7
EWT iShares MSCI Taiwan ETF 14.8 59 -10 5.6 -2.9
VEU Vanguard FTSE All-World ex-US Index Fund 14.7 8 41 6.9 -1.6
CHIL Global X MSCI China Large-Cap 50 ETF 14.6 29 20 7.5 -1.0
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 14.5 86 -37 2.5 -6.0
FDNI First Trust Dow Jones International Internet ETF 14.4 65 -16 2.4 -6.1
CXSE WisdomTree China ex-State-Owned Enterprises Fund 14.2 32 17 6.1 -2.4
VXUS Vanguard Total International Stock Index Fund 13.5 8 41 6.9 -1.5
FEM First Trust Emerging Markets AlphaDEX Fund 13.3 80 -31 11.7 +3.3
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 12.8 80 -31 8.3 -0.2
DEM WisdomTree Emerging Markets High Dividend Fund 12.6 63 -14 13.2 +4.7
CWI SPDR MSCI ACWI ex-US ETF 12.6 30 19 6.6 -1.9
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 11.8 60 -11 4.5 -4.0
WUGI Esoterica NextG Economy ETF 11.4 75 -26 1.3 -7.2
FNI First Trust Chindia ETF 11.3 60 -11 3.0 -5.5
KWEB KraneShares CSI China Internet ETF 11.0 76 -27 2.7 -5.8
TTTN UP Fintech China-U.S. Internet Titans ETF 10.9 59 -10 4.7 -3.8
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 10.7 18 31 4.9 -3.6
GIGE SoFi Gig Economy ETF 10.6 59 -10 -0.6 -9.0
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 10.2 58 -9 5.4 -3.0
FLLA Franklin FTSE Latin America ETF 10.0 19 30 5.9 -2.6
AIQ Global X Future Analytics Tech ETF 9.9 68 -19 3.8 -4.7
BLOK Amplify Transformational Data Sharing ETF 9.7 70 -21 5.4 -3.1
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 9.4 20 29 10.3 +1.8
VIDI Vident International Equity Fund 9.3 59 -10 10.3 +1.8
OGIG O'Shares Global Internet Giants ETF 9.0 48 1 0.7 -7.8
DINT Davis Select International ETF 8.7 68 -19 5.5 -3.0
BLCN Reality Shares Nasdaq NextGen Economy ETF 8.6 68 -19 5.1 -3.4
ECOW Pacer Emerging Markets Cash Cows 100 ETF 8.6 74 -25 12.4 +4.0
KESG KraneShares MSCI China ESG Leaders Index ETF 8.5 59 -10 9.4 +0.9
BUYZ Franklin Disruptive Commerce ETF 8.5 50 -1 -0.2 -8.7

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 10.1 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 8.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.37 CATEGORY
AVERAGE
1.40
 
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.