MFEM

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

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.


Emerging Market

EQUITY

Rules-Based

MANAGEMENT STYLE

50 bp

EXPENSES

$102.9 M

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorPIMCO
CategoryEmerging
Asset classEquity
Websitelink...
Inception dateAug 31, 2017
Assets (mns)$103
Expense ratio50 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsQuarterly
Taxation1099
Stock selectionMulti-Factor
WeightingTiered
Holdings TransparencyFull
Derivatives-basedNo
Options availableNo
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings
HON HAI PRECISION INDUSTRY 2.0 %
PETROBRAS - PETROLEO BRAS-PR 1.6 %
MEDIATEK INC 1.4 %
HYUNDAI MOTOR CO 1.4 %
TAIWAN SEMICONDUCTOR MANUFAC 1.3 %
BANK OF CHINA LTD - H 1.2 %
QUANTA COMPUTER INC 1.2 %
AGRICULTURAL BANK OF CHINA-H 1.0 %
CHINA CONSTRUCTION BANK-H 0.9 %
KIA MOTORS CORPORATION 0.9 %
Constituent Breakdown
Number of holdings800
Herfindahl-Hirschman Index 43
Wgt avg mkt cap (mns)$59,376
Large cap (>$10bn)65.1%
Mid cap ($2-10bn)29.7%
Small cap (<$2bn)4.4%
Developed mkts.4.7%
Emerging mkts.95.3%
Country Exposure
CHINA 23.6 %
TAIWAN 18.7 %
INDIA 14.5 %
SOUTH KOREA 12.7 %
BRAZIL 5.7 %
HONG KONG 2.9 %
SOUTH AFRICA 2.4 %
THAILAND 2.4 %
SAUDI ARABIA 2.0 %
MALAYSIA 1.7 %
Historical Performance


Standardized Performance (as of 06/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns 5.6% 12.7% 10.5% -1.8% 4.9% -- 3.8%
Volatility 12.6% 13.2% 14.5% 15.5% 20.8% -- --
Market Correlations
versus...BetaR-squared
S&P 5000.7055%
MSCI EAFE0.8679%
MSCI Emg Mkts0.9393%
Liquidity Measures
Avg. volume (000)8
Turnover0.2%
Avg. Bid/Ask (% of price)0.16%
ADV of underlying (mns)$26,167
Technical Indicators
Recent close$20.10
30d moving avg.$20.00
Annualized volatility16.9%
Relative strength (RSI)55
Short interest (ETF)0.2%
Short interest (underlying)0.0%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

Risk and Returns: MFEM 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 --%
0.5 8.8 0.9 4.1% --
Based on closing prices from 7/19/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
MFEM



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™

MFEM

10.8%

Cat. Avg

7.4%

Fund Category: Emerging

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™10.8%
Recommendation

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.

Category Overview
There are 161 funds in the Emerging category, with an average ALTAR Score™ of 7.4% and a standard deviation of 3.8%. MFEM's ALTAR Score™ is approximately 0.9 standard deviations above the category average. This places MFEM in the 82nd percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
MFEM
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown
Expense Analysis

Peer Group Rules-Based
Emerging Market Equity ETFs
# of ETFs 103
Avg. Expense Ratio 64.6 bp
Std. Deviation 29 bp
MFEM (50 bp) Percentile rank 31
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
MFEM 50.0 16.1 66.1
Peer Avg. 49.0 36.9 85.8
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .