At a glance
MFDX charges 0.39% a year, above the 0.12% average of the 8 funds most like it (the most expensive of 9). It has $449.9M in assets, the 9th largest of that group; it paid 2.98% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +20.8% a year. At its worst it fell 33.1% in the 2020 crash (S&P 500: 33.7%) and 25.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 14 months after the lows. Its ten largest positions make up 8.9% of the fund, out of 1,293 in all.
The short version
PIMCO RAFI Dynamic Multi-Factor International Equity ETF (MFDX) tracks the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index. The index holds stocks from developed markets outside the US and weights them by company sales, cash flow, dividends and book value rather than by market value. It blends five factor portfolios and shifts weight among them each quarter. At 0.39% a year, it costs far more than plain international index funds such as VEA (0.03%).
Price history
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MFDX +13.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MFDX official prospectus, to Dec 31, 2025 | — | +34.16% | — | +10.34% | — | +8.31% |
| MFDX price data to Oct 27, 2026 | +9.7% | +13.3% | +20.8% | +10.1% | — | +8.6% |
- Over the year to Oct 27, 2026, MFDX returned +13.3%, 9th of 9 among similar funds.
- Its 5-year annualized return was +10.1%.
- In the 2020 COVID crash it fell 33.1% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2018 (-14.2%); its best was 2025 (+34.3%).
- The deepest fall in its price history was 35.5% (Jan 26, 2018 to Mar 23, 2020), recovered by Nov 27, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.7% | — |
| 2025 | +34.3% | +34.16% |
| 2024 | +4.4% | +4.67% |
| 2023 | +17.5% | +17.14% |
| 2022 | -10.3% | -10.38% |
| 2021 | +11.1% | +10.97% |
| 2020 | +6.9% | +7.24% |
| 2019 | +19.9% | +19.68% |
| 2018 | -14.2% | -13.56% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.1% over that stretch · deepest drop along the way 33.1%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.7% over that stretch · deepest drop along the way 25.6%, back to its old high 14.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9000 | |
| 2025 | $1.1400 | +22.6% |
| 2024 | $0.9300 | +2.2% |
| 2023 | $0.9100 | +24.7% |
| 2022 | $0.7300 | -17.0% |
| 2021 | $0.8800 | +104.7% |
| 2020 | $0.4300 | -42.7% |
| 2019 | $0.7500 | +11.9% |
| 2018 | $0.6700 |
What's inside
As of Jun 30, 2026, the fund held 1,293 securities; the ten largest made up 8.88% of assets.
| Holding | Weight | |
|---|---|---|
| ASML Holding NV | 1.18% | |
| Tokyo Electron Ltd | 1.08% | |
| Novartis AG | 1.00% | |
| Banco Santander SA | 0.88% | |
| Murata Manufacturing Co Ltd | 0.87% | |
| Nestle SA | 0.83% | |
| Engie SA | 0.81% | |
| Rio Tinto PLC | 0.79% | |
| ABB Ltd | 0.77% | |
| Glencore PLC | 0.67% | |
| Advantest Corp | 0.67% | |
| Iberdrola SA | 0.67% | |
| GSK PLC | 0.65% | |
| Societe Generale SA | 0.64% | |
| Zurich Insurance Group AG | 0.64% |
By country
Japan 26.84%United Kingdom 11.97%Canada 8.1%Switzerland 7.23%Germany 6.01%By asset type
Stocks 98.46%Preferred stock 0.57%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $8.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.20%, +1.59%, -1.35%.
How it works
MFDX aims to track the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index, built by RAFI Indices, LLC. The index starts with stocks from 23 developed countries outside the US, as of September 30, 2026. It sizes each company by its "fundamental weight": five-year averages of sales, operating cash flow, and dividends plus buybacks, along with the latest book value. It doesn't use share price for this.
From that pool, the index builds five "factor" portfolios. A factor is a trait linked to long-term returns. The five are value (cheap compared with fundamentals), low volatility (steadier prices), quality (profitable and low spending), momentum (recent winners) and size (smaller companies). Each quarter, every factor starts from an equal share. The index then tilts toward or away from it by up to 15 percentage points, based on that factor's recent trend and long-term reversal signals. The index held 1,700 stocks as of September 30, 2026.
Rebalancing is staggered. Each factor except momentum is split into four slices, and only one slice is reset each quarter. Momentum is fully reset every quarter. PIMCO uses "representative sampling," meaning it may not hold every index stock in exact proportion, so returns can drift from the index. Portfolio turnover was 35%.
What it really costs
- MFDX charges 0.39% a year, versus an average of 0.12% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MFDX | $40 | $125 | $219 | $493 |
In a retirement portfolio
It adds stocks from developed markets outside the US, led by Japan and the UK, with a factor-based tilt that differs from US-heavy core holdings.
As of June 30, 2026, MFDX held about 1,300 stocks, with Japan at 27% of assets and the UK at 12%. The fund launched in August 2017, so it has no record from the 2008 crisis. In the 2020 COVID crash, it fell 33.1% in about five weeks and got back to its prior peak by November 10, 2020. In 2022, it dropped 25.6% and didn't recover until December 14, 2023. Its worst calendar year was 2018, at -13.56%. Anyone forced to sell in stretches like these would lock in losses. The trailing yield was 2.98% as of October 27, 2026, paid quarterly. Costs are higher than for most peers: in the SEC's standard $10,000 example, fees add up to $493 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want developed-market stocks outside the US weighted by sales, cash flow, dividends and book value instead of market value.
- Those who want a rules-based blend of value, quality, low-volatility, momentum and size tilts in one fund with about 1,300 holdings.
- Investors who like quarterly dividends; the trailing yield was 2.98% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: at 0.39%, it ranks most expensive of nine similar funds, while VEA and SPDW charge 0.03%.
- Those who want emerging markets; this index covers only developed countries outside the US.
- Investors who prefer a large, heavily traded fund; MFDX had about $450 million in net assets, against tens of billions for peers.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MFDX this fund | — | 0.39% | $449.9M | +13.3% | +20.8% |
| EFA iShares MSCI EAFE ETF | 48% | 0.32% | $77.98B | +13.5% | +18.2% |
| IDEV iShares Core MSCI International Developed M… | 45% | 0.04% | $31.64B | +14.6% | +19.2% |
| IEFA iShares Core MSCI EAFE ETF | 45% | 0.07% | $190.11B | +13.7% | +18.5% |
| SCHF Schwab International Equity ETF | 44% | 0.06% | $69.68B | +17.7% | +20.4% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 43% | 0.03% | $40.29B | +17.3% | +20.5% |
| VEA Vanguard FTSE Developed Markets ETF | 42% | 0.03% | $316.42B | +16.8% | +21.7% |
| EFV iShares MSCI EAFE Value ETF | 36% | 0.33% | $29.11B | +21.9% | +23.3% |
Questions investors ask
Does MFDX pay dividends?
Yes. MFDX pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $1.23 per share, a trailing yield of 2.98%. Payouts come from the dividends of the foreign companies it holds, so they can rise or fall with company profits and with exchange rates between foreign currencies and the US dollar.
What's the difference between MFDX and EFA?
Both own large developed-market stocks outside the US, and their holdings overlap by about 48%. EFA is a conventional index fund. MFDX weights companies by fundamentals and tilts toward five factors that it adjusts each quarter. EFA costs 0.32% a year to MFDX's 0.39%. EFA is also far bigger, at about $78 billion against $450 million. Over one year, MFDX returned 13.3% through October 27, 2026, while EFA returned 12.9% through October 30, 2026.
What is the MFDX expense ratio?
MFDX's expense ratio is 0.39%, according to its prospectus filed October 27, 2026. In the SEC's standard example, a $10,000 investment earning 5% a year would pay about $40 in fees after one year, $219 after five years and $493 after ten. The average for similar funds is 0.12%, and broad options such as VEA and SPDW charge 0.03%.
How has MFDX performed since launch?
MFDX has returned 8.31% a year on average from its August 2017 launch through December 31, 2025, according to its prospectus. Its five-year average was 10.34% a year, and it gained 34.16% in 2025. It lost money in 2018 (-13.56%) and 2022 (-10.38%). Its worst quarter was a 23.62% drop in early 2020.
Is MFDX safe for retirees?
No stock fund is safe from losses, and MFDX has had steep ones. It fell 33.1% in the 2020 COVID crash and 25.6% in 2022. It took until December 2023 to recover from the 2022 drop. Its one-year beta was 0.84 as of October 27, 2026, meaning it moved somewhat less than the broad market. Retirees who may need to sell shares in a downturn would face those swings.