PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
ALTAR
Score™
8.7% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
14.9x P/Sales
ratio
0.8x
P/BV
ratio
1.0x Div.
yield
3.1%


  • 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) $677
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 580
Wgt avg mkt cap (mns) $48,995
Large cap (>$10bn) 64.5%
Mid cap ($2-10bn) 29.5%
Small cap (<$2bn) 4.3%
Developed mkts 8.0%
Emerging mkts 92.0%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 4.5 %
HDFC BANK LTD-ADR 2.2 %
ALIBABA GROUP HOLDING LTD. SPONSOR 2.2 %
JD.COM INC-ADR 2.0 %
INFOSYS TECHNOLOGIES-SP ADR 1.8 %
SAMSUNG ELECTRONICS CO LTD 1.7 %
NASPERS LTD-N SHS 1.6 %
HYUNDAI MOTOR CO 1.5 %
MMC NORILSK NICKEL OJSC 1.5 %
HYNIX SEMICONDUCTOR INC 1.5 %
Total 20.3 %

TOP COUNTRY EXPOSURE
CHINA 16.3 %
SOUTH KOREA 15.8 %
TAIWAN 15.7 %
BRAZIL 7.6 %
RUSSIA 7.0 %
INDIA 6.2 %
SOUTH AFRICA 5.5 %
HONG KONG 3.7 %
THAILAND 3.5 %
MEXICO 2.6 %

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.
-16.4% -12.1% -- -- -4.1%

Market Correlations
versus... Beta R-squared
S&P500 0.89 66%
MSCI EAFE 1.08 84%
MSCI Emg. Mkts. 0.91 93%

Technical Indicators
Recent close $21.62
30d moving avg. $21.06
Annualized volatility 19.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 291
Turnover 0.9%
Bid/Ask (% of price) 0.21%
ADV underlying (mns) $33,018

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™: 8.7%


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 43.8 49 0 8.4 -0.3
BKEM BNY Mellon Emerging Markets Equity ETF 41.9 11 38 8.4 -0.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 41.5 65 -16 7.5 -1.2
EEM iShares MSCI Emerging Markets ETF 41.4 68 -19 7.4 -1.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 40.8 36 13 8.2 -0.5
EMXC iShares MSCI Emerging Markets ex China ETF 40.4 25 24 8.4 -0.3
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 39.9 49 0 8.0 -0.7
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 39.1 45 4 7.9 -0.7
IEMG iShares Core MSCI Emerging Markets ETF 38.8 13 36 7.9 -0.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 38.8 30 19 7.8 -0.8
EEMA iShares MSCI Emerging Markets Asia ETF 38.1 50 -1 7.5 -1.2
PBEE Invesco PureBeta FTSE Emerging Markets ETF 38.0 15 34 8.6 -0.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 37.2 32 17 6.1 -2.6
PXH Invesco FTSE RAFI Emerging Markets ETF 36.9 50 -1 13.1 +4.4
SCHE Schwab Emerging Markets Equity ETF 34.8 11 38 7.8 -0.8
ESGE iShares ESG MSCI EM ETF 34.0 25 24 8.6 -0.1
AAXJ iShares MSCI All Country Asia ex Japan ETF 33.8 68 -19 7.0 -1.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 33.7 30 19 8.7 +0.0
FLAX Franklin FTSE Asia Ex Japan ETF 33.4 19 30 7.7 -1.0
VWO Vanguard FTSE Emerging Markets ETF 33.3 10 39 8.0 -0.7
ISEM Invesco Strategic Emerging Markets ETF 32.9 35 14 10.0 +1.3
SPEM SPDR Portfolio Emerging Markets ETF 32.5 11 38 7.8 -0.9
DVEM WisdomTree Emerging Markets Dividend Fund 32.5 32 17 8.2 -0.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 31.0 20 29 6.8 -1.9
XCEM Columbia EM Core ex-China ETF 30.5 16 33 7.4 -1.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 29.9 39 10 12.8 +4.1
EEMO Invesco S&P Emerging Markets Momentum ETF 29.7 29 20 6.6 -2.1
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 28.8 44 5 8.9 +0.2
AVEM Avantis Emerging Markets Equity ETF 28.6 33 16 8.9 +0.3
GMF SPDR S&P Emerging Asia Pacific ETF 28.2 49 0 7.2 -1.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 27.9 59 -10 11.0 +2.3
ROAM Hartford Multifactor Emerging Markets ETF 26.8 44 5 14.7 +6.0
BICK First Trust BICK Index Fund 25.1 64 -15 4.7 -4.0
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 25.0 50 -1 10.3 +1.6
FDEM Fidelity Targeted Emerging Markets Factor ETF 24.1 45 4 9.6 +0.9
BKF iShares MSCI BRIC ETF 23.8 69 -20 7.3 -1.4
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 23.2 45 4 13.5 +4.8
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 22.5 25 24 7.7 -1.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 22.4 32 17 9.0 +0.3
NUEM Nuveen ESG Emerging Markets Equity ETF 22.4 45 4 7.2 -1.5
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 22.3 64 -15 4.6 -4.0
RNEM Emerging Markets Equity Select ETF 20.4 75 -26 10.5 +1.8
EMMF WisdomTree Emerging Markets Multifactor Fund 19.7 48 1 9.4 +0.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 18.9 95 -46 9.1 +0.5
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 18.9 40 9 7.2 -1.5
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 18.3 45 4 9.1 +0.4
AIA iShares Asia 50 ETF 18.3 50 -1 8.1 -0.6
GXC SPDR S&P China ETF 18.2 59 -10 7.6 -1.0
MCHI iShares MSCI China ETF 18.1 59 -10 7.4 -1.3
FLCH Franklin FTSE China ETF 17.2 19 30 7.8 -0.8
EELV Invesco S&P Emerging Markets Low Volatility ETF 16.4 29 20 9.8 +1.1
CN Xtrackers MSCI All China Equity ETF 15.9 50 -1 7.5 -1.1
EWT iShares MSCI Taiwan ETF 15.6 59 -10 5.8 -2.9
KALL KraneShares FTSE Emerging Markets Plus ETF 15.3 49 0 7.7 -1.0
FLKR Franklin FTSE South Korea ETF 15.2 9 40 9.7 +1.0
FLTW Franklin FTSE Taiwan ETF 15.2 19 30 6.3 -2.4
ACWX iShares MSCI ACWI ex U.S. ETF 15.1 32 17 7.3 -1.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 15.0 40 9 7.1 -1.6
EWY iShares MSCI South Korea ETF 14.9 59 -10 9.2 +0.5
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 14.7 16 33 6.9 -1.8
PIE Invesco DWA Emerging Markets Momentum ETF 14.7 90 -41 5.2 -3.5
FRDM Freedom 100 Emerging Markets ETF 14.4 49 0 6.9 -1.8
DEM WisdomTree Emerging Markets High Dividend Fund 14.0 63 -14 14.0 +5.3
VSGX Vanguard ESG International Stock ETF 13.8 17 32 7.2 -1.5
VYMI Vanguard International High Dividend Yield ETF 13.6 32 17 10.2 +1.6
IXUS ishares Core MSCI Total International Stock ETF 13.6 9 40 7.4 -1.3
VXUS Vanguard Total International Stock Index Fund 13.5 8 41 7.6 -1.1
ECON Columbia Emerging Markets Consumer ETF 13.3 59 -10 4.4 -4.2
FNI First Trust Chindia ETF 13.1 60 -11 2.7 -6.0
VEU Vanguard FTSE All-World ex-US Index Fund 13.1 8 41 7.6 -1.1
FEM First Trust Emerging Markets AlphaDEX Fund 13.0 80 -31 11.0 +2.3
CXSE WisdomTree China ex-State-Owned Enterprises Fund 12.9 32 17 5.8 -2.8
FKO First Trust South Korea AlphadDEX Fund 12.6 80 -31 9.3 +0.6
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 12.6 18 31 5.6 -3.1
CHIL Global X MSCI China Large-Cap 50 ETF 12.1 29 20 7.9 -0.8
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 11.1 20 29 11.1 +2.4
FLLA Franklin FTSE Latin America ETF 10.9 19 30 6.7 -2.0
CWI SPDR MSCI ACWI ex-US ETF 10.9 30 19 7.2 -1.5
FDNI First Trust Dow Jones International Internet ETF 10.0 65 -16 2.2 -6.5
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 10.0 86 -37 2.1 -6.6
ECOW Pacer Emerging Markets Cash Cows 100 ETF 9.6 70 -21 13.3 +4.6
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 9.0 60 -11 8.4 -0.3
EDIV SPDR S&P Emerging Markets Dividend ETF 8.9 49 0 11.0 +2.4
VIDI Vident International Equity Fund 8.6 59 -10 11.4 +2.7
GDAT Goldman Sachs Motif Data-Driven World Etf 8.5 50 -1 4.9 -3.8
LEGR First Trust Index Digital Transaction & Process Technology E 8.3 65 -16 7.1 -1.5
FLN First Trust Latin America AlphaDEX Fund 8.1 80 -31 7.9 -0.7
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 8.0 80 -31 3.8 -4.9
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 7.8 51 -2 13.6 +5.0
GBUY Goldman Sachs Motif New Age Consumer ETF 7.6 50 -1 1.9 -6.8
DVYE iShares Emerging Markets Dividend ETF 7.5 49 0 16.3 +7.6
NXTG First Trust Indxx NextG ETF 7.5 70 -21 6.1 -2.5
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 7.5 80 -31 8.0 -0.7
BLOK Amplify Transformational Data Sharing ETF 7.5 70 -21 4.6 -4.1
DWLD Davis Select Worldwide ETF 7.4 63 -14 6.4 -2.3
DINT Davis Select International ETF 7.4 68 -19 5.6 -3.0
FLBR Franklin FTSE Brazil ETF 7.3 19 30 5.2 -3.5

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 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 9.2 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 8.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.43 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.