MFUS

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

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Equity
sector
US
region
24.04%
nav ytd return
As of 12/06/2019
24.09%
MARKET PRICE YTD RETURN
As of 12/06/2019
0.30%
gross expense ratio
Effective as of 10/31/2019

The Fund seeks to track the investment results of the RAFI Dynamic MultiFactor U.S. Index.

why invest in this fund

Designed To Provide Improved Return Potential

Research Affiliates’ equity factors are robust and designed with an eye toward simplicity, transparency, a sound economic rationale and reduced transaction costs.

tab 1 graph

Portfolio Information

As of 12/05/2019
862
Number of Holdings
$127MM
Total Net Assets
125,153.77
Weighted Average Market Cap ($ US MM)
19.87
P/E Ratio (Trailing)
3.38
P/B Ratio (price to book)

Fund Facts

NAV PRICE
$30.73
1 DAY RETURN
$0.02 0.07%
As of 12/05/2019
MARKET PRICE
$30.68
1 DAY RETURN
$0.02 0.07%
As of 12/05/2019

Price

Fund Information

As of 12/05/2019
Data point name Data point value
TYPE Smart Beta
CUSIP 72202L363
Inception Date 08/31/2017
Shares Outstanding 4,120,000
Total Net Assets $126,611,530.62
Daily Trading Volume (in shares) 1,822
Premium/Discount Average (since inception) 0.02%
Premium/Discount Average as of market close -0.16%
Closing Price
As of 12/05/2019
$30.67

INDEX INFORMATION

RAFI Dynamic Multi-Factor U.S. Index

The RAFI Dynamic Multi-Factor U.S. index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.

INDEX INFORMATION
Data point name Data point value
Index Ticker RADMFUST
Inception Date 01/31/2017
Rebalancing Frequency Quarterly

quarterly trading characteristics

As of 09/30/2019

average volume

in shares 19,775
in $ $573,917.70

bid / ask spread

in % 0.17%
in $ $0.05

Top Ten Holdings

As of 12/05/2019

Top Ten Holdings table

Description % of Assets Sector
VERIZON COMMUNICATIONS INC 2.56 Communication Services
PROCTER & GAMBLE CO/THE 2.45 Consumer Staples
WALMART INC 2.44 Consumer Staples
WALT DISNEY CO/THE 1.89 Communication Services
COCA COLA CO 1.81 Consumer Staples
PEPSICO INC 1.81 Consumer Staples
TARGET CORP 1.76 Consumer Discretionary
IBM CORP 1.73 Information Technology
CVS HEALTH CORP 1.72 Health Care
AT&T INC 1.64 Communication Services

Fund Managers

fund manager Robert Arnott
Robert Arnott
Founder and Chairman, Research Affiliates
fund manager Chris Brightman
Chris Brightman

Current holdings are subject to risk. Holdings are subject to change at any time.

Effective as of 10/31/2019

Fees and Expenses

Name Value
Gross Expense Ratio 0.30%
Net Expense Ratio 0.29%

The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 10/31/2020 and renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the agreement. See the Fund's prospectus for more information.

Name Value


Dividends & Capital Gains Distribution

As of 12/05/2019
distribution date dist. nav long term cap. gain short term cap. gain dividend income dist total
10/01/2019 29.61 - - 0.050000 0.050000
07/01/2019 29.22 - - 0.130000 0.130000
04/01/2019 28.45 - - 0.110000 0.110000
12/28/2018 25.00 - - 0.265000 0.265000
12/12/2018 27.01 0.000000 0.000000 - 0.000000
10/01/2018 29.90 - - 0.080000 0.080000
07/02/2018 28.14 - - 0.136000 0.136000
04/02/2018 26.69 - - 0.021000 0.021000
12/28/2017 27.65 - - 0.278710 0.278710
12/13/2017 27.58 0.000000 0.000000 - 0.000000
As of 11/30/2019
ANNUALIZED MONTH END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 11.97 - - - 11.78
Market Price Returns 12.08 - - - 11.78
RAFI Dynamic Multi-Factor U.S. Index 12.43 - - - 12.21
Performance Difference (Fund NAV vs. Index) -0.46 - - - -0.43
Performance Difference (Fund Market Price vs. Index) -0.35 - - - -0.43
Standard Deviation - - - - -
After Tax Pre-Liquidation 11.21 - - - 11.18
After Tax Post-Liquidation 7.17 - - - 8.92
As of 09/30/2019
ANNUALIZED QUARTER END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 2.45 - - - 11.10
Market Price Returns 2.51 - - - 11.11
RAFI Dynamic Multi-Factor U.S. Index 2.80 - - - 11.53
Performance Difference (Fund NAV vs. Index) -0.35 - - - -0.43
Performance Difference (Fund Market Price vs. Index) -0.29 - - - -0.42
Standard Deviation - - - - -
After Tax Pre-Liquidation 1.75 - - - 10.50
After Tax Post-Liquidation 1.58 - - - 8.39
As of 11/30/2019
CUMULATIVE MONTH END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 23.76 2.66 5.28 13.55
Market Price Returns 24.09 2.66 5.28 13.59
RAFI Dynamic Multi-Factor U.S. Index 24.22 2.72 5.40 13.78
Performance Difference (Fund NAV vs. Index) -0.46 -0.06 -0.12 -0.23
Performance Difference (Fund Market Price vs. Index) -0.13 -0.06 -0.12 -0.19
Standard Deviation - - - -
After Tax Pre-Liquidation 23.26 2.66 5.21 13.27
After Tax Post-Liquidation 14.05 1.57 3.12 8.02
As of 09/30/2019
CUMULATIVE QUARTER END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 19.95 2.04 3.13 6.78
Market Price Returns 20.31 2.07 3.23 6.89
RAFI Dynamic Multi-Factor U.S. Index 20.32 2.09 3.22 6.98
Performance Difference (Fund NAV vs. Index) -0.37 -0.05 -0.09 -0.20
Performance Difference (Fund Market Price vs. Index) -0.01 -0.02 0.01 -0.09
Standard Deviation - - - -
After Tax Pre-Liquidation 19.55 2.04 2.94 6.42
After Tax Post-Liquidation 11.80 1.21 1.85 4.00

Morningstar Rating

Morningstar Rating
Fund Name Morningstar Category Overall 3 Yr 5 Yr 10 Yr
RAFI Dynamic Multi-Factor U.S. Equity ETF Large Blend - - - -

Premium / Discount

As of 09/30/2019
market price above or equal to nav market price below nav
percent of difference NUMBER OF DAYS PERCENT OF TOTAL DAYS NUMBER OF DAYS PERCENT OF TOTAL DAYS
0 - 0.49% 45 70.31% 19 29.69%
0.5% - 0.99% 0 0.00% 0 0.00%
1.0% - 1.49% 0 0.00% 0 0.00%
1.5% - 1.99% 0 0.00% 0 0.00%
2.0% - 2.49% 0 0.00% 0 0.00%
2.5% - 2.99% 0 0.00% 0 0.00%
3.0% - 3.49% 0 0.00% 0 0.00%
3.5% - 3.99% 0 0.00% 0 0.00%
4.0% - 4.49% 0 0.00% 0 0.00%
4.5% - 4.99% 0 0.00% 0 0.00%
> = 5.00% 0 0.00% 0 0.00%
Total 45 70.31% 19 29.69%

Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

A rating is not a recommendation to buy, sell or hold a fund. © 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.Past performance is not a guarantee or a reliable indicator of future results.

Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar, Inc.® 2019. All rights reserved. The information contained herein: (1) is proprietary to Morningstar (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

As of 11/30/2019
Portfolio Composition - Sector Allocation: Market Value
Sector Fund Fund ratio Index ratio
No Classification 0.00 -
Energy 3.70 3.73
Materials 2.79 2.81
Industrials 10.01 10.07
Consumer Discretionary 14.55 14.65
Consumer Staples 16.96 17.08
Health Care 10.71 10.79
Financials 8.71 8.79
Information Technology 14.11 14.20
Communication Services 9.01 9.05
Utilities 2.72 2.74
Real Estate 6.06 6.09
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio Index ratio
No Classification 0.00 -
Energy 0.00 0.00
Materials 0.00 0.00
Industrials 0.00 0.00
Consumer Discretionary 0.00 0.00
Consumer Staples 0.00 0.00
Health Care 0.00 0.00
Financials 100.00 100.00
Information Technology 0.00 0.00
Communication Services 0.00 0.00
Utilities 0.00 0.00
Real Estate 0.00 0.00
As of 09/30/2019

INDEX - FACTOR ALLOCATION

Factor Percentage Weight Weight ratio
Value 13.13
Low Volatility 29.36
Quality 22.01
Momentum 19.67
Size 15.83

Summary Characteristics

Summary Characteristics
Data Point
As of 12/05/2019
Number of Holdings 862
Weighted Average Market Cap ($ US MM) 125,153.77
Median Market Cap ($ US MM) 56,126.96
P/E Ratio (Forward) 17.84
P/E Ratio (Trailing) 19.87
P/S Ratio (Price to Sales) 1.32
P/B Ratio (Price to Book) 3.38
Dividend Yield 2.43

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DISCLOSURES
Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus, which may be obtained by contacting your PIMCO representative. Please read the prospectus carefully before you invest.
Net Asset Value (NAV) represents an ETF’s per-share value. The per-share value of an ETF is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of ETF shares outstanding. ETF shares are valued as of the close of regular trading (normally 4:00 P.M. Eastern Time) (The “NYSE Close”) on each business day.
Returns are average annualized total returns, except for those periods of less than one year, which are cumulative. Market returns are based upon the midpoint of the bid/ask spread at 4:00 pm Eastern time (when NAV is normally determined for most Funds), and do not represent the returns you would receive if you traded shares at other times. The after-tax return calculation assumes a 35% tax rate.
ETF shares may be bought or sold throughout the day at their market price on the exchange on which they are listed. However, there can be no guarantee that an active trading market for PIMCO ETF shares will develop or be maintained, or that their listing will continue or remain unchanged.
Hypothetical Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.

A word about risk: Equities may decline in value due to both real and perceived general market, economic and industry conditions. Model Risk is the risk that the investment models used in constructing the Underlying Index may not adequately take into account certain factors and may result in a decline in the value of the Underlying Index and, therefore, the Fund. Management and Tracking Error Risk is the risk that the portfolio manager’s investment decisions may not produce the desired results or that the Fund’s portfolio may not closely track the Underlying Index for a number of reasons. Derivatives may involve certain costs and risks, such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested.

ETFs are subject to secondary market trading risks. Shares of an ETF will be listed for trading on an exchange, however, there can be no guarantee that an active trading market for such shares will develop or continue. There can be no guarantee that an ETF's exchange listing or ability to trade its shares will continue or remain unchanged. Shares of an ETF may trade on an exchange at prices at, above or below their most recent NAV. The per share NAV of an ETF is calculated at the end of each business day, and fluctuates with changes in the market value of the Fund’s holdings. The trading prices of an ETF's shares fluctuate continuously throughout the trading day based on market supply and demand, which may not correlate to NAV. The trading prices of an ETF's shares may differ significantly from NAV during periods of market volatility, which may, among other factors, lead to the Fund’s shares trading at a premium or discount to NAV.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and the Market Price of the Fund on a given day, generally at the time the NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV. A discount or premium could be significant. The since inception premium/discount average is calculated by averaging the daily premium/discount since the inception of the fund. The daily premium/discount is the difference between the daily market price for shares of the Fund and the Fund's net asset value. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.
Exchange Traded Funds (“ETFs”) are afforded certain exemptions from the Investment Company Act. The exemptions allow, among other things, for individual shares to trade on the secondary market. Individual shares cannot be directly purchased from or redeemed by the ETF. Purchases and redemptions directly with an ETF are only accomplished through creation unit aggregations or “baskets” of shares. Shares of an ETF are bought and sold at market price (not net asset value (“NAV”)). Brokerage commissions will reduce returns. Investment policies, management fees and other information can be found in the individual ETF’s prospectus.
Buying or selling ETF shares on an exchange may require the payment of brokerage commissions. Due to the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment returns. Investment in Fund shares may not be advisable for investors who expect to engage in frequent trading.
Current holdings are subject to risk. Holdings are subject to change at any time. An investment in an ETF involves risk, including the loss of principal. Investment return, price, yield and Net Asset Value (NAV) will fluctuate with changes in market
Credit quality ratings for each issue are obtained using ratings from Standard & Poor's (S&P), Moody's Investors Service, and Fitch Ratings. In the fund holdings, the credit rating for other net assets (liabilities) appears as “NL“, not rated securities are indicated as “NR” and U.S. Treasury, U.S. Agency, U.S. Agency mortgage-backed securities and other Sovereign (foreign or domestic) securities appear under “GOVT”. The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.
In order to provide additional information regarding the intra-day value of shares of the Fund, the NYSE Arca, Inc. or a market data vendor disseminates every 15 seconds through the facilities of the Consolidated Tape Association or other widely disseminated means an updated Indicative NAV (“iNAV”) for the Fund as calculated by an information provider or market data vendor. The Fund is not involved in or responsible for any aspect of the calculation or dissemination of the iNAV and makes no representation or warranty as to the accuracy of the iNAV.
This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world.

PIMCO Investments LLC , distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. ©2019, PIMCO.

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