ETF Research Center

RAFE tracks an index of US companies that are selected and weighted by a combination of fundamental and ESG criteria.

FUND BASICS
Category	US Equities
Fund Sponsor	Allianz
Website	www.pimco.com
Inception date	Dec 18, 2019
Assets (mns)	$13
Currency	USD
Expense ratio	30 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Fundamental
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	225
Wgt avg mkt cap (mns)	$218,418
Large cap (>$10bn)	95.7%
Mid cap ($2-10bn)	4.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	28.6 %
MICROSOFT CORP	4.4 %
WELLS FARGO & CO	4.0 %
JOHNSON & JOHNSON	2.9 %
WALT DISNEY CO/THE	2.9 %
INTEL CORP	2.8 %
BANK OF AMERICA CORP	2.8 %
CITIGROUP INC	2.5 %
JPMORGAN CHASE & CO	2.3 %
CISCO SYSTEMS INC	2.1 %
VERIZON COMMUNICATIONS INC	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.8 %
	BRITAIN	2.0 %
	IRELAND	1.5 %
	SWITZERLAND	0.3 %
	SINGAPORE	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.7%	27.8%	--	--	13.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	94%
MSCI EAFE	0.99	95%
MSCI Emg. Mkts.	0.86	74%

Technical Indicators
Recent close	$27.72
30d moving avg.	$27.08
Annualized volatility	26.9%
Short interest (ETF)	0.7%
Short interest (Underlying)	2.1%
Relative strength (RSI)	58

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.2%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$103,637

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the PIMCO RAFI ESG U.S. ETF ETF based on the alternatives' overlap in portfolio holdings with RAFE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

RAFE

Expense:

30 bp

ALTAR Score™:

6.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RAFE
Ticker	Fund Name	Overlap¹ vs RAFE (%)	Expense ratio (bp)	Savings vs RAFE (bp)	ALTAR Score™ (%)	ALTAR vs RAFE (%)
VOOV	Vanguard S&P 500 Value ETF	57.7	10	20	6.2	-0.5
DIVB	iShares U.S. Dividend & Buyback ETF	56.4	25	5	6.0	-0.7
DGRO	iShares Core Dividend Growth ETF	54.3	8	22	6.3	-0.3
ESGV	Vanguard ESG U.S. Stock ETF	52.3	12	18	4.7	-2.0
MGV	Vanguard Mega Cap Value ETF	52.3	7	23	6.5	-0.1
DLN	WisdomTree U.S. LargeCap Dividend Fund	52.0	28	2	6.4	-0.3
VTV	Vanguard Value Index Fund	51.5	4	26	6.5	-0.2
DTD	WisdomTree U.S.Total Dividend Fund	49.7	28	2	6.4	-0.2
SPYV	SPDR Portfolio S&P 500 Value ETF	49.4	4	26	6.2	-0.4
IVE	iShares S&P 500 Value ETF	49.4	18	12	6.1	-0.6
SCHV	Schwab U.S. Large-Cap Value ETF	49.2	4	26	6.1	-0.6
VYM	Vanguard High Dividend Yield Index ETF	48.4	6	24	6.8	+0.1
EPS	WisdomTree U.S. Earnings 500 Fund	48.1	8	22	6.2	-0.5
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	47.8	25	5	5.6	-1.1
IUSV	iShares Core S&P U.S. Value ETF	47.1	4	26	6.2	-0.4
IWX	iShares Russell Top 200 Value ETF	46.3	20	10	6.1	-0.6
WOMN	Impact Shares YWCA Women's Empowerment ETF	46.0	75	-45	4.5	-2.1
PRF	Invesco FTSE RAFI US 1000 ETF	45.1	39	-9	5.6	-1.0
VONV	Vanguard Russell 1000 Value Index Fund	44.9	8	22	6.0	-0.6
EQWL	Invesco Russell Top 200 Equal Weight ETF	44.5	25	5	5.8	-0.9
QUS	SPDR MSCI USA StrategicFactors ETF	44.1	15	15	5.5	-1.2
SUSL	iShares ESG MSCI USA Leaders ETF	43.8	10	20	5.0	-1.6
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	43.8	10	20	5.0	-1.6
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	43.7	25	5	5.5	-1.2
ESG	FlexShares STOXX US ESG Impact Index Fund	43.7	32	-2	4.8	-1.9
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	43.7	20	10	4.8	-1.9
FDRR	Fidelity Dividend ETF for Rising Rates	43.5	29	1	6.5	-0.1
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	43.2	15	15	5.0	-1.7
EFIV	SPDR S&P 500 ESG ETF	42.9	10	20	4.9	-1.7
SNPE	Xtrackers S&P 500 ESG ETF	42.8	10	20	4.9	-1.8
ACVF	American Conservative Values ETF	42.7	75	-45	4.4	-2.3
JKF	iShares Morningstar Large Cap Value ETF	42.3	25	5	6.8	+0.1
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	42.2	28	2	6.3	-0.4
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	42.2	20	10	5.0	-1.7
XVV	iShares ESG Screened S&P 500 ETF	42.1	8	22	5.0	-1.7
IQSU	IQ Candriam ESG US Equity ETF	41.9	9	21	4.8	-1.9
MGC	Vanguard Mega Cap Index Fund	41.8	7	23	4.8	-1.8
IWD	iShares Russell 1000 Value ETF	41.7	19	11	5.9	-0.7
RWL	Invesco S&P 500 Revenue ETF	41.7	39	-9	6.0	-0.6
SPXE	ProShares S&P 500 Ex-Energy ETF	41.6	27	3	4.8	-1.8
ESGU	iShares MSCI USA ESG Optimized ETF	41.2	15	15	4.7	-2.0
PBP	Invesco S&P 500 BuyWrite ETF	41.2	49	-19	4.5	-2.2
XYLG	Global X S&P 500 Covered Call & Growth ETF	41.1	60	-30	4.5	-2.2
SPY	SPDR S&P 500 ETF Trust	40.9	9	21	4.9	-1.8
IVV	iShares Core S&P 500 ETF	40.9	3	27	4.9	-1.7
SPLG	SPDR Portfolio Large Cap ETF	40.9	3	27	4.9	-1.7
VLU	SPDR S&P 1500 Value Tilt ETF	40.8	12	18	5.9	-0.7
NACP	Impact Shares NAACP Minority Empowerment ETF	40.7	49	-19	4.6	-2.1
IWL	iShares Russell Top 200 ETF	40.5	15	15	4.7	-1.9
IUS	Invesco Strategic US ETF	40.5	19	11	5.3	-1.4
VOO	VANGUARD S&P 500 ETF	40.4	3	27	4.9	-1.7
DSI	iShares MSCI KLD 400 Social ETF	39.8	25	5	4.7	-1.9
OUSA	O'Shares FTSE US Quality Dividend ETF	39.7	48	-18	5.8	-0.9
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	39.6	7	23	4.8	-1.9
BKLC	BNY Mellon US Large Cap Core Equity ETF	39.4	0	30	4.8	-1.9
OEF	iShares S&P 100 ETF	39.3	20	10	4.5	-2.1
BBUS	JP Morgan Betabuilders U.S. Equity ETF	39.1	2	28	4.8	-1.8
VV	Vanguard Large-Cap Index Fund	38.9	4	26	4.8	-1.9
PBUS	Invesco PureBeta MSCI USA ETF	38.8	4	26	4.8	-1.8
SPXT	ProShares S&P 500 Ex-Technology ETF	38.8	27	3	5.1	-1.6
JHML	John Hancock Multifactor Large Cap ETF	38.7	29	1	5.0	-1.7
FDVV	Fidelity Core Dividend ETF	38.5	29	1	6.4	-0.2
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	38.3	30	0	5.2	-1.5
SPTM	SPDR Portfolio Total Stock Market ETF	38.2	3	27	5.0	-1.7
SCHX	Schwab U.S. Large-Cap ETF	38.0	3	27	4.8	-1.9
FVAL	Fidelity Value Factor ETF	37.6	29	1	6.7	+0.1
DYNF	BlackRock U.S. Equity Factor Rotation ETF	37.6	30	0	5.5	-1.1
IWB	iShares Russell 1000 ETF	37.4	15	15	4.7	-2.0
SPXV	ProShares S&P 500 Ex-Health Care ETF	37.1	27	3	4.5	-2.2
CATH	Global X S&P 500 Catholic Values Custom ETF	37.1	29	1	4.7	-2.0
SCHK	Schwab 1000 Index ETF	37.1	5	25	4.7	-2.0
IYY	iShares Dow Jones U.S. ETF	37.0	20	10	4.6	-2.0
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	36.8	15	15	0.0	-6.6
SPXN	ProShares S&P 500 Ex-Financials ETF	36.6	27	3	4.5	-2.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	36.6	9	21	5.1	-1.5
VONE	Vanguard Russell 1000 ETF	36.3	8	22	4.7	-1.9
RESP	WisdomTree US ESG Fund of Benef Interest	36.0	28	2	5.5	-1.2
JVAL	JPMorgan U.S. Value Factor ETF	35.9	12	18	7.0	+0.4
DFAU	Dimensional US Core Equity Market ETF	35.9	12	18	4.9	-1.8
PWV	Invesco Dynamic Large Cap Value ETF	35.7	56	-26	6.9	+0.3
VTHR	Vanguard Russell 3000 Index Fund	35.6	10	20	4.6	-2.1
PFM	Invesco Dividend Achievers ETF	35.6	53	-23	5.2	-1.5
KRMA	Global X Conscious Companies ETF	35.5	43	-13	5.1	-1.6
IWV	iShares Russell 3000 ETF	35.5	20	10	4.5	-2.2
SCHB	Schwab U.S. Broad Market ETF	35.3	3	27	4.6	-2.0
SFY	SoFi Select 500 ETF	35.2	0	30	4.8	-1.9
ITOT	iShares Core S&P Total U.S. Stock Market ETF	35.1	3	27	4.6	-2.1
RECS	Columbia Research Enhanced Core ETF	35.0	15	15	5.5	-1.1
JQUA	JPMorgan U.S. Quality Factor ETF	34.8	12	18	5.3	-1.3
QLC	FlexShares US Quality Large Cap Index Fund	34.7	32	-2	4.9	-1.8
VTI	Vanguard Total Stock Market Index Fund	34.5	3	27	4.6	-2.1
REVS	Columbia Research Enhanced Value ETF	34.5	19	11	6.7	+0.1
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	34.4	12	18	5.1	-1.5
RNDV	US Equity Dividend Select ETF	34.3	50	-20	7.2	+0.5
AVUS	Avantis U.S. Equity ETF	34.2	15	15	5.0	-1.6
ROUS	Hartford Multifactor US Equity ETF	33.6	19	11	6.2	-0.4
QDYN	FlexShares Quality Dividend Dynamic Index Fund	33.6	37	-7	5.7	-0.9

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

	2016	2017	2018	2019	2020	2021E	2022E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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

	2020	2021E	2022E
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 ESG U.S. ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.0	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	30	bp
Equals: ALTAR Score	6.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.51	CATEGORY AVERAGE	1.50

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.