MFDX
PIMCO RAFI Dynamic Multi-Factor International Equity ETF
The PIMCO RAFI Dynamic Multi-Factor International Equity ETF is a smart beta strategy that seeks to track the investment results of the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, which provides dynamically-weighted exposure to multiple equity factors, including value, quality, low volatility, momentum and size.
International
EQUITY
Rules-Based
MANAGEMENT STYLE
39 bp
EXPENSES
$255.1 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | PIMCO |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Aug 31, 2017 |
| Assets (mns) | $255 |
| Expense ratio | 39 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Multi-Factor |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| NOVO NORDISK A/S-B | 1.7 % |
| ASML HOLDING NV | 1.1 % |
| NOVARTIS AG | 0.9 % |
| SAP AG | 0.9 % |
| HITACHI LTD | 0.8 % |
| UNILEVER PLC | 0.8 % |
| NESTLE SA-REG | 0.7 % |
| GSK PLC | 0.7 % |
| MITSUBISHI HEAVY INDUSTRIES | 0.7 % |
| ZURICH FINANCIAL SERVICES AG | 0.7 % |
Constituent Breakdown
| Number of holdings | 1196 |
| Herfindahl-Hirschman Index | 26 |
| Wgt avg mkt cap (mns) | $53,702 |
| Large cap (>$10bn) | 69.6% |
| Mid cap ($2-10bn) | 24.5% |
| Small cap (<$2bn) | 5.9% |
| Developed mkts. | 99.9% |
| Emerging mkts. | 0.1% |
Country Exposure
 |
JAPAN | 26.0 % |
 |
BRITAIN | 13.9 % |
 |
CANADA | 6.9 % |
 |
SWITZERLAND | 6.1 % |
 |
AUSTRALIA | 5.4 % |
 |
GERMANY | 4.9 % |
 |
FRANCE | 4.6 % |
 |
NETHERLANDS | 4.3 % |
 |
SPAIN | 3.2 % |
 |
DENMARK | 2.4 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 0.3% | 6.7% | 10.8% | 2.4% | 6.1% | -- | 4.5% | Volatility | 10.5% | 11.7% | 15.0% | 15.3% | 18.3% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.76 | 72% |
| MSCI EAFE | 0.92 | 98% |
| MSCI Emg Mkts | 0.73 | 64% |
Liquidity Measures
| Avg. volume (000) | 16 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.07% |
| ADV of underlying (mns) | $51,905 |
Technical Indicators
| Recent close | $30.37 |
| 30d moving avg. | $30.52 |
| Annualized volatility | 16.2% |
| Relative strength (RSI) | 54 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. MFDX |
Expenses vs. MFDX |
ALTAR Score™ vs. MFDX |
|---|---|---|---|---|
| BKIE | BNY Mellon International Equity ETF | 48.9% | -35 bp | -0.3% |
| GSIE | Goldman Sachs ActiveBeta International Equity ETF | 48.4% | -14 bp | -0.2% |
| IDEV | iShares Core MSCI International Developed Markets ETF | 47.8% | -35 bp | -0.4% |
| HFXI | IQ FTSE International Equity Currency Neutral ETF | 47.8% | -19 bp | -0.4% |
| IEFA | iShares Core MSCI EAFE ETF | 47.5% | -32 bp | -0.5% |
| GSID | Goldman Sachs MarketBeta International Equity ETF | 47.4% | -19 bp | -0.5% |
| DFAI | Dimensional International Core Equity Market ETF | 46.8% | -21 bp | -0.2% |
| DBEF | Xtrackers MSCI EAFE Hedged Equity ETF | 46.4% | -3 bp | -0.7% |
| SPDW | SPDR Portfolio Developed World ex-US ETF | 46.4% | -36 bp | -0.4% |
| JHMD | John Hancock Multifactor Developed International ETF | 46.3% | 0 bp | +0.2% |
Risk and Returns: MFDX vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
MFDX
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
MFDX
7.2%
Cat. Avg
7.2%
Fund Category: International
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 7.2% |
Recommendation
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.
Category Overview
There are 258 funds in the International category, with an average ALTAR Score™
of 7.2% and a standard deviation of
2.4%. MFDX's ALTAR Score™ is approximately
0.0 standard deviations
above
the category average. This places MFDX in the 51st percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
MFDX
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Rules-Based International Equity ETFs |
| # of ETFs | 152 |
| Avg. Expense Ratio | 42.9 bp |
| Std. Deviation | 24.3 bp |
| MFDX (39 bp) Percentile rank | 44 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| MFDX | 39.0 | 7.0 | 46 |
| Peer Avg. | 33.7 | 17.7 | 51.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .