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)	$28
Currency	USD
Expense ratio	29 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	229
Wgt avg mkt cap (mns)	$156,411
Large cap (>$10bn)	96.3%
Mid cap ($2-10bn)	3.4%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	28.9 %
JPMORGAN CHASE & CO	4.4 %
AT&T INC	3.6 %
CITIGROUP INC	3.1 %
JOHNSON & JOHNSON	2.9 %
WELLS FARGO & CO	2.7 %
VERIZON COMMUNICATIONS INC	2.6 %
INTL BUSINESS MACHINES CORP	2.5 %
PROCTER & GAMBLE CO/THE	2.4 %
INTEL CORP	2.4 %
WALT DISNEY CO/THE	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.1 %
	IRELAND	2.0 %
	BRITAIN	1.5 %
	BERMUDA	0.1 %
	SINGAPORE	0.1 %
	CANADA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$25.43
30d moving avg.	$25.21
Annualized volatility	0.0%
Short interest (ETF)	1.9%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.2%
Bid/Ask (% of price)	0.16%
ADV underlying (mns)	$59,040

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 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:

29 bp

ALTAR Score™:

7.8%

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 (%)
OYLD	Invesco Russell 1000 Yield Factor ETF	57.4	19	10	7.4	-0.4
SCHV	Schwab U.S. Large-Cap Value	55.8	4	25	6.9	-1.0
MGV	Vanguard Mega Cap 300 Value	55.7	7	22	7.0	-0.9
VYM	Vanguard High Dividend Yield ETF	55.2	6	23	7.1	-0.7
DGRO	iShares Core Dividend Growth	55.0	8	21	6.3	-1.5
VTV	Vanguard Value ETF	54.7	4	25	7.1	-0.8
DIVB	iShares U.S. Dividend & Buyback	54.2	25	4	6.5	-1.3
DLN	WisdomTree Large Cap Dividend	52.6	28	1	6.4	-1.4
IWX	iShares Russell Top 200 Value	50.7	20	9	6.8	-1.1
SPYV	SPDR Portfolio S&P 500 Value	50.4	4	25	7.0	-0.8
VOOV	Vanguard S&P 500 Value	50.4	15	14	6.9	-0.9
IVE	iShares S&P 500 Value	50.4	18	11	6.9	-1.0
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	50.2	19	10	6.6	-1.3
USDY	Pacific Global US Equity Income	49.6	29	0	7.4	-0.4
JKF	iShares Morningstar Large Value	49.1	25	4	7.6	-0.3
FNDX	Schwab Fundamental Large Cap	48.5	25	4	5.5	-2.3
ESGL	Invesco ESG Revenue ETF	48.2	40	-11	8.4	+0.6
EPS	WisdomTree Earnings 500	48.0	8	21	6.7	-1.2
IUSV	iShares Core U.S. Value	47.8	4	25	7.1	-0.8
DTD	WisdomTree Total Dividend	47.6	28	1	6.5	-1.3

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
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

Content on this tab for subscribers only

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 ESG U.S. ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	17.4	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	7.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.56

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.