PIMCO EQUITY SERIES®
Semiannual Report
December 31, 2022
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | MFEM | NYSE Arca
PIMCO RAFI Dynamic Multi-Factor International Equity ETF | MFDX | NYSE Arca
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | MFUS | NYSE Arca
PIMCO RAFI ESG U.S. ETF | RAFE | NYSE Arca
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Approval of Investment Advisory Contract and Other Agreements |
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Fund | Fund Summary |
Schedule of Investments |
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This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus. The Shareholder Reports for the other series of the PIMCO Equity Series are printed separately.
Dear Shareholder,
2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2022 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.
For the six-month reporting period ended December 31, 2022
The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. In the U.S., second quarter 2022, prior to the beginning of the reporting period, annualized gross domestic product (“GDP”) was -0.6%. The economy then strengthened, as third quarter annualized GDP was +3.2%. The Commerce Department’s initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.
The Federal Reserve Board (the “Fed” or “U.S. central bank”) took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.
Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the “IMF”) downgraded its expectation for 2022 GDP citing “turbulent challenges” including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).
Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the “BoE”) raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the “BoJ”) maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.
During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 2.98% on June 30, 2022. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -2.97%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.59%. In contrast, riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated positive returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.93%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 3.33%.
Amid periods of volatility, global equities generally posted mixed results during the reporting period as economic and geopolitical concerns impacted investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned 2.31%. Global equities, as represented by the MSCI World Index, returned 2.97%, while emerging market equities, as
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measured by the MSCI Emerging Markets Index, returned -2.99%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -0.06% and European equities, as represented by the MSCI Europe Index (in euro), returned 5.05%.
Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $119.78 a barrel at the start of the reporting period, fell to roughly $82.82 a barrel at the end of December 2022. In contrast, prices of other commodities, such as copper and gold, edged higher during the period.
Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar was mixed against several major currencies. For example, during the reporting period, the U.S. dollar returned -2.11%, +0.78%, and -3.51% versus the euro, the British pound and the Japanese yen, respectively.
Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at (888) 87-PIMCO. We also invite you to visit our website at www.pimco.com to learn more about our global.
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Sincerely,
Peter G. Strelow Chairman
of the Board
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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 3 |
Important Information About the Funds |
PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF and PIMCO RAFI ESG U.S. ETF, which are exchange-traded funds (“ETFs”) that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (each, a “Fund” and collectively, the “Funds”). Each Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of instruments such that the portfolio effectively provides exposure to the underlying index. A Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. Shares of the Funds will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”) and other secondary markets. The market price for each Fund’s shares may be different from the Fund’s net asset value (“NAV”). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares (“Creation Units”). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV (“Authorized Participants”). These transactions are in exchange for certain securities similar to a Fund’s portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.
We believe that equity funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds are subject to notable risks. Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions.
The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.
During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.
The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal and Other Risks in the Notes to Financial Statements.
Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.
The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security’s country of incorporation may be different from its country of economic exposure.
Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.
The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.
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A Fund may have significant exposure to issuers in the United Kingdom. The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.
A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.
A Fund may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as, but not limited to political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to, banning Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia. Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Fund’s performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain investments in light of geopolitical events, sanctions or related considerations), which could render any such securities held by a Fund
unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government’s response, could result in a downgrade of Russia’s credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia’s currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia’s economy and Russian issuers of securities in which a Fund invests. Such resulting actual or threatened responses may include, but are not limited to, purchasing, selling and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. Default by the Russian Federation on its sovereign debt will have implications to credit default swaps in relation to the Russian Federation. A Fund’s ability to participate in any resulting credit default swap auction or physical settlement process may be limited by, among other things, sanctions or other similar measures. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government’s response. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks. Prior to the implementation of the National Settlement Depository (“NSD”), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 5 |
Important Information About the Funds | (Cont.) |
registration. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals or timber industries.
Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.
Engaging in a responsible investment strategy, which may select or exclude securities of certain issuers for reasons other than performance, carries the risk that a Fund may underperform funds that do not utilize a responsible investment strategy. The application of this strategy may affect a Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized or any judgment exercised in pursuing a responsible investment strategy will reflect the beliefs or values of any particular investor. In evaluating a company, the information and data obtained through voluntary or third-party reporting may be incomplete, inaccurate or unavailable, which could cause an incorrect assessment of a company’s business practices with respect to the environment, social responsibility and corporate governance (“ESG practices”). Socially responsible norms differ by region, and a company’s ESG practices or the assessment of a company’s ESG practices may change over time.
On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and the Cumulative Returns chart measure performance assuming that any dividend and capital gain
distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on: (i) Fund distributions; or (ii) the sale of Fund shares. Each Fund’s performance is measured against the performance of at least one broad-based securities market index (“benchmark index”). A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods. Historical performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.
The following table discloses the inception dates of each Fund along with each Fund’s diversification status as of period end:
Fund Name | Fund Inception |
Diversification Status |
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PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
08/31/17 | Diversified | ||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
08/31/17 | Diversified | ||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
08/31/17 | Diversified | ||||||||||
PIMCO RAFI ESG U.S. ETF |
12/18/19 | Diversified |
An investment in a Fund is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Funds.
The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service
agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other
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delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.
On each business day, before commencement of trading on NYSE Arca, each Fund will disclose on www.pimcoetfs.com the identities and quantities of the Fund’s portfolio holdings. The frequency at which the daily market prices were at a discount or premium to each Fund’s NAV is disclosed on www.pimcoetfs.com. Please see “Disclosure of Portfolio Holdings” in the SAI for information about the availability of the complete schedule of each Fund’s holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling (888) 400-4ETF and are available on the Fund’s website at www.pimcoetfs.com.
PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 400-4ETF, on the Fund’s website at www.pimcoetfs.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.
The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimcoetfs.com, and will be made available, upon request, by calling PIMCO at (888) 400-4ETF.
SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary. Any election to receive reports in paper will apply to all funds held in the investor’s account at the financial intermediary.
In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and a certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.
In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.
In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.
In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 7 |
Important Information About the Funds | (Cont.) |
In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.
In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.
In November 2022, the SEC adopted amendments to Form N-PX under the act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.
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PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
Cumulative Returns Through December 31, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Investment Objective and Strategy Overview
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Emerging Markets Index (the “Underlying Index”) by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Average Annual Total Return for the period ended December 31, 2022 | ||||||||||||||||||
6 Months* | 1 Year | 5 Years | Fund Inception (08/31/17) |
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PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value) | 1.69% | (19.41)% | 0.13% | 0.92% | |||||||||||||
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PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price)(1)(2) | 0.45% | (19.55)% | (0.09)% | 0.77% | |||||||||||||
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RAFI Dynamic Multi-Factor Emerging Markets Index± | 2.39% | (18.49)% | 0.86% | 1.69% | |||||||||||||
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MSCI Emerging Markets Index±± | (2.99)% | (20.09)% | (1.40)% | (0.05)% |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
* Cumulative return.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
(1) 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.
(2) 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.
± The RAFI Dynamic Multi-Factor Emerging Markets Index strategy takes time-varying exposures to four return factors; value, low volatility, quality, and momentum. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis. It is not possible to invest directly in the index.
±± The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.
The Fund’s total annual operating expense ratio in effect as of period end was 0.52%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 9 |
Ticker symbol - MFEM |
Top 10 Holdings as of December 31, 2022†§
Vale SA |
1.7% | |||||||
Infosys Ltd. |
1.6% | |||||||
POSCO Holdings, Inc. |
1.4% | |||||||
Bank of China Ltd. ‘H’ |
1.3% | |||||||
Pinduoduo, Inc. ADR |
1.2% | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
1.1% | |||||||
America Movil SAB de CV |
1.1% | |||||||
Hyundai Motor Co. |
1.1% | |||||||
Reliance Industries Ltd. |
1.1% | |||||||
Meituan ‘B’ |
1.0% |
Geographic Breakdown as of December 31, 2022†**
China |
17.3% | |||||||
India |
16.6% | |||||||
South Korea |
13.8% | |||||||
Taiwan |
13.5% | |||||||
Brazil |
6.6% | |||||||
Thailand |
6.2% | |||||||
South Africa |
4.7% | |||||||
Turkey |
4.6% | |||||||
Mexico |
3.2% | |||||||
Hong Kong |
2.8% | |||||||
Saudi Arabia |
2.8% | |||||||
Indonesia |
2.5% | |||||||
Malaysia |
1.8% | |||||||
Chile |
1.1% | |||||||
Short-Term Instruments |
0.4% | |||||||
Other |
2.1% |
† % of Investments, at value.
§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.
** Geographic Breakdown and % of Investments exclude securities sold short and financial
derivative instruments, if any.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
» | Overweight exposure to, and security selection in, the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index. |
» | Security selection in the industrials sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the Fund’s holdings outperformed the secondary benchmark index. |
» | Underweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index. |
» | There were no material detractors for this Fund. |
10 | PIMCO EQUITY SERIES |
PIMCO RAFI Dynamic Multi-Factor International Equity ETF
Cumulative Returns Through December 31, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Investment Objective and Strategy Overview
PIMCO RAFI Dynamic Multi-Factor International Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index (the “Underlying Index”) by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Average Annual Total Return for the period ended December 31, 2022 | ||||||||||||||||||
6 Months* | 1 Year | 5 Years | Fund Inception (08/31/17) |
|||||||||||||||
![]() |
PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value) | 4.65% | (10.38)% | 1.99% | 3.19% | |||||||||||||
![]() |
PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price)(1)(2) | 4.31% | (10.28)% | 1.91% | 3.08% | |||||||||||||
![]() |
RAFI Dynamic Multi-Factor Developed Ex-U.S. Index± | 4.86% | (10.47)% | 2.16% | 3.50% | |||||||||||||
![]() |
MSCI EAFE Index±± | 6.36% | (14.45)% | 1.54% | 2.71% |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
* Cumulative return.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
(1) 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.
(2) 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.
± The RAFI Dynamic Multi-Factor Developed Ex-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. It is not possible to invest directly in the index.
±± MSCI EAFE Index is an unmanaged index designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.
The Fund’s total annual operating expense ratio in effect as of period end was 0.40%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 11 |
Ticker symbol - MFDX |
Top 10 Holdings as of December 31, 2022†§
AstraZeneca PLC |
1.5% | |||||||
BP PLC |
1.4% | |||||||
Novo Nordisk AS ‘B’ |
1.4% | |||||||
Glencore PLC |
1.1% | |||||||
Equinor ASA |
1.0% | |||||||
Nestle SA |
1.0% | |||||||
Eni SpA |
0.9% | |||||||
Zurich Insurance Group AG |
0.8% | |||||||
Shell PLC |
0.8% | |||||||
Bayerische Motoren Werke AG |
0.8% |
Geographic Breakdown as of December 31, 2022†**
Japan |
26.6% | |||||||
United Kingdom |
13.7% | |||||||
France |
7.9% | |||||||
Canada |
7.0% | |||||||
Switzerland |
6.9% | |||||||
Germany |
6.0% | |||||||
Australia |
5.1% | |||||||
Spain |
4.3% | |||||||
Netherlands |
4.0% | |||||||
Italy |
2.7% | |||||||
Denmark |
2.4% | |||||||
Sweden |
2.2% | |||||||
Hong Kong |
1.9% | |||||||
Norway |
1.9% | |||||||
Singapore |
1.7% | |||||||
Finland |
1.2% | |||||||
Ireland |
1.0% | |||||||
Short-Term Instruments |
0.3% | |||||||
Other |
3.2% |
† % of Investments, at value.
§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.
** Geographic Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
» | Underweight exposure to, and security selection in, the health care sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the materials sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index. |
» | Overweight exposure to the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector outperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the communication services sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index. |
» | Underweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector outperformed the secondary benchmark index and the Fund’s holdings underperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the utilities sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index. |
12 | PIMCO EQUITY SERIES |
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
Cumulative Returns Through December 31, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Investment Objective and Strategy Overview
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index (the “Underlying Index”) by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Average Annual Total Return for the period ended December 31, 2022 | ||||||||||||||||||
6 Months* | 1 Year | 5 Years | Fund Inception (08/31/17) |
|||||||||||||||
![]() |
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value) | 7.01% | (5.62)% | 8.81% | 10.39% | |||||||||||||
![]() |
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price)(1)(2) | 7.07% | (5.86)% | 8.76% | 10.36% | |||||||||||||
![]() |
RAFI Dynamic Multi-Factor U.S. Index± | 7.16% | (5.41)% | 9.17% | 10.78% | |||||||||||||
![]() |
S&P 500 Index±± | 2.31% | (18.11)% | 9.42% | 10.55% |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
* Cumulative return.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
(1) 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.
(2) 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.
± 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.
±± S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the largecap segment of the U.S. equities market.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.
The Fund’s total annual operating expense ratio in effect as of period end was 0.30%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 13 |
Ticker symbol - MFUS |
Top 10 Holdings as of December 31, 2022†§
Exxon Mobil Corp. |
2.6% | |||||||
Chevron Corp. |
2.3% | |||||||
Walmart, Inc. |
2.0% | |||||||
Johnson & Johnson |
2.0% | |||||||
AT&T, Inc. |
2.0% | |||||||
Merck & Co., Inc. |
1.9% | |||||||
Gilead Sciences, Inc. |
1.6% | |||||||
International Business Machines Corp. |
1.6% | |||||||
Procter & Gamble Co. |
1.6% | |||||||
Pfizer, Inc. |
1.4% |
Sector Breakdown as of December 31, 2022†**
Health Care |
17.9% | |||||||
Consumer Staples |
14.5% | |||||||
Energy |
12.7% | |||||||
Financials |
11.9% | |||||||
Consumer Discretionary |
9.9% | |||||||
Industrials |
9.9% | |||||||
Information Technology |
9.5% | |||||||
Communication Services |
4.9% | |||||||
Materials |
3.9% | |||||||
Real Estate |
2.2% | |||||||
Utilities |
2.1% | |||||||
Short-Term Instruments |
0.6% |
† % of Investments, at value.
§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.
** Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
» | Overweight exposure to, and security selection in, the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index. |
» | Underweight exposure to, and security selection in, the information technology sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index. |
» | Security selection in the consumer discretionary sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings outperformed the secondary benchmark index. |
» | Security selection in the financials sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index. |
» | Security selection in the industrials sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index. |
» | Security selection in the utilities sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index. |
14 | PIMCO EQUITY SERIES |
Cumulative Returns Through December 31, 2022
$10,000 invested at the end of the month when the Fund commenced operations.
Investment Objective and Strategy Overview
PIMCO RAFI ESG U.S. ETF seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the RAFI ESG US Index (the “Underlying Index”) by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.
Average Annual Total Return for the period ended December 31, 2022 | ||||||||||||||
6 Months* | 1 Year | Fund Inception (12/18/19) |
||||||||||||
![]() |
PIMCO RAFI ESG U.S. ETF (Based on Net Asset Value) | 3.10% | (13.84)% | 6.03% | ||||||||||
![]() |
PIMCO RAFI ESG U.S. ETF (At Market Price)(1)(2) | 3.25% | (13.80)% | 5.86% | ||||||||||
![]() |
RAFI ESG US Index± | 3.28% | (13.66)% | 6.37% | ||||||||||
![]() |
S&P 500 Index±± | 2.31% | (18.11)% | 8.02% |
All Fund returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.
* Cumulative return.
Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.
(1) 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.
(2) The Fund was seeded on December 18, 2019, but was not listed for trading until December 19, 2019. Accordingly, there is no Market Price information for December 18, 2019.
± The RAFI ESG US Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. The Index is constructed by RAFI Indices, LLC (the “Index Provider”) using a rules-based approach within publicly traded U.S. equities to create an integrated ESG strategy which overweights companies that rate well across various ESG (Environmental, Social, and Governance) themes and excludes companies with a major involvement in industries such as tobacco, gaming, weapons and fossil fuels. The strategy supplements traditional ESG metrics with metrics linked to long-term value creation, specifically financial discipline and diversity, for improved return potential. It is not possible to invest directly in the index.
±± S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the largecap segment of the U.S. equities market.
It is not possible to invest directly in an unmanaged index.
Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.
The Fund’s total annual operating expense ratio in effect as of period end was 0.30%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 15 |
Ticker symbol - RAFE |
Top 10 Holdings as of December 31, 2022†§
Microsoft Corp. |
4.7% | |||||||
Apple, Inc. |
4.4% | |||||||
Johnson & Johnson |
3.4% | |||||||
AT&T, Inc. |
3.2% | |||||||
JPMorgan Chase & Co. |
2.9% | |||||||
Cisco Systems, Inc. |
2.7% | |||||||
Intel Corp. |
2.6% | |||||||
Pfizer, Inc. |
2.5% | |||||||
Procter & Gamble Co. |
2.4% | |||||||
Merck & Co., Inc. |
2.4% |
Sector Breakdown as of December 31, 2022†**
Information Technology |
28.0% | |||||||
Health Care |
23.0% | |||||||
Financials |
15.0% | |||||||
Communication Services |
9.0% | |||||||
Consumer Staples |
7.6% | |||||||
Consumer Discretionary |
7.5% | |||||||
Industrials |
4.6% | |||||||
Materials |
3.2% | |||||||
Real Estate |
1.8% | |||||||
Utilities |
0.3% |
† % of Investments, at value.
§ Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.
** Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.
Fund Insights at NAV
The following affected performance (on a gross basis) during the reporting period:
» | Underweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the health care sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the financials sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index. |
» | Underweight exposure to the energy sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector outperformed the secondary benchmark index. |
» | Underweight exposure to, and security selection in, the industrials sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector outperformed the secondary benchmark index and the Fund’s holdings underperformed the secondary benchmark index. |
» | Overweight exposure to, and security selection in, the information technology sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index. |
16 | PIMCO EQUITY SERIES |
Expense Examples |
Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including management fees and other Fund expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.
Actual Expenses
The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The information in the table under the heading “Hypothetical (5% return before expenses)” provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments and exchange fees. Therefore, the information under the heading “Hypothetical (5% return before expenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense ratios may vary period to period because of various factors, such as an increase in expenses not covered by the management fees (such as expenses of the independent trustees and their counsel, extraordinary expenses and interest expense).
Actual | Hypothetical (5% return before expenses) |
|||||||||||||||||||||||||||||||||||||||
Beginning Account Value (07/01/22) |
Ending Account Value (12/31/22) |
Expenses Paid During Period* |
Beginning Account Value (07/01/22) |
Ending Account Value (12/31/22) |
Expenses Paid During Period* |
Net Annualized Expense Ratio** |
||||||||||||||||||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $ | 1,000.00 | $ | 1,016.90 | $ | 2.52 | $ | 1,000.00 | $ | 1,022.98 | $ | 2.53 | 0.49 | % | ||||||||||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 1,000.00 | 1,046.50 | 2.03 | 1,000.00 | 1,023.49 | 2.01 | 0.39 | |||||||||||||||||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 1,000.00 | 1,070.10 | 1.53 | 1,000.00 | 1,024.00 | 1.50 | 0.29 | |||||||||||||||||||||||||||||||||
PIMCO RAFI ESG U.S. ETF | 1,000.00 | 1,031.00 | 1.50 | 1,000.00 | 1,024.00 | 1.50 | 0.29 |
* Expenses Paid During Period are equal to the net annualized expense ratio for the fund, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).
** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 17 |
Financial Highlights |
Investment Operations | Less Distributions(c) | |||||||||||||||||||||||||||
Selected Per Share Data for the Year or Period Ended*: | Net Asset Value Beginning of Year or Period(a) |
Net Investment Income (Loss)(b) |
Net Realized/ Unrealized Gain (Loss) |
Total | From Net Investment Income |
From Net Realized Capital Gains |
Total | |||||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
||||||||||||||||||||||||||||
07/01/2022 - 12/31/2022+ |
$ | 18.33 | $ | 0.42 | $ | (0.14 | ) | $ | 0.28 | $ | (0.53 | ) | $ | (0.59 | ) | $ | (1.12 | ) | ||||||||||
06/30/2022 |
31.06 | 1.21 | (6.94 | ) | (5.73 | ) | (2.46 | ) | (4.54 | ) | (7.00 | ) | ||||||||||||||||
06/30/2021 |
20.84 | 0.50 | 10.14 | 10.64 | (0.42 | ) | 0.00 | (0.42 | ) | |||||||||||||||||||
06/30/2020 |
24.24 | 0.59 | (3.41 | ) | (2.82 | ) | (0.58 | ) | 0.00 | (0.58 | ) | |||||||||||||||||
06/30/2019 |
23.94 | 0.64 | 0.39 | 1.03 | (0.73 | ) | 0.00 | (0.73 | ) | |||||||||||||||||||
08/31/2017 - 06/30/2018 |
25.00 | 0.42 | (1.41 | ) | (0.99 | ) | (0.07 | ) | 0.00 | (0.07 | ) | |||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
07/01/2022 - 12/31/2022+ |
$ | 25.16 | $ | 0.31 | $ | 0.83 | $ | 1.14 | $ | (0.63 | ) | $ | 0.00 | $ | (0.63 | ) | ||||||||||||
06/30/2022 |
29.66 | 0.95 | (4.57 | ) | (3.62 | ) | (0.88 | ) | 0.00 | (0.88 | ) | |||||||||||||||||
06/30/2021 |
22.86 | 0.69 | 6.53 | 7.22 | (0.42 | ) | 0.00 | (0.42 | ) | |||||||||||||||||||
06/30/2020 |
24.94 | 0.53 | (1.84 | ) | (1.31 | ) | (0.77 | ) | 0.00 | (0.77 | ) | |||||||||||||||||
06/30/2019 |
25.87 | 0.72 | (0.89 | ) | (0.17 | ) | (0.76 | ) | 0.00 | (0.76 | ) | |||||||||||||||||
08/31/2017 - 06/30/2018 |
25.00 | 0.62 | 0.44 | 1.06 | (0.19 | ) | 0.00 | (0.19 | ) | |||||||||||||||||||
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
07/01/2022 - 12/31/2022+ |
$ | 36.24 | $ | 0.43 | $ | 2.08 | $ | 2.51 | $ | (0.61 | ) | $ | 0.00 | $ | (0.61 | ) | ||||||||||||
06/30/2022 |
39.00 | 0.75 | (2.90 | ) | (2.15 | ) | (0.61 | ) | 0.00 | (0.61 | ) | |||||||||||||||||
06/30/2021 |
27.74 | 0.52 | 11.28 | 11.80 | (0.54 | ) | 0.00 | (0.54 | ) | |||||||||||||||||||
06/30/2020 |
29.21 | 0.62 | (1.44 | ) | (0.82 | ) | (0.65 | ) | 0.00 | (0.65 | ) | |||||||||||||||||
06/30/2019 |
28.30 | 0.59 | 0.91 | 1.50 | (0.59 | ) | 0.00 | (0.59 | ) | |||||||||||||||||||
08/31/2017 - 06/30/2018 |
25.00 | 0.43 | 3.17 | 3.60 | (0.30 | ) | 0.00 | (0.30 | ) | |||||||||||||||||||
PIMCO RAFI ESG U.S. ETF |
||||||||||||||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
07/01/2022 - 12/31/2022+ |
$ | 27.58 | $ | 0.32 | $ | 0.52 | $ | 0.84 | $ | (0.48 | ) | $ | 0.00 | $ | (0.48 | ) | ||||||||||||
06/30/2022 |
30.72 | 0.60 | (3.22 | ) | (2.62 | ) | (0.52 | ) | 0.00 | (0.52 | ) | |||||||||||||||||
06/30/2021 |
21.40 | 0.51 | 9.32 | 9.83 | (0.51 | ) | 0.00 | (0.51 | ) | |||||||||||||||||||
12/18/2019 - 06/30/2020 |
25.00 | 0.33 | (3.72 | ) | (3.39 | ) | (0.21 | ) | 0.00 | (0.21 | ) |
+ |
Unaudited |
* |
Annualized, except for organizational expense, if any. |
(a) |
Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. |
(b) |
Per share amounts based on average number of shares outstanding during the year or period. |
(c) |
The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. |
(d) |
Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges. |
18 | PIMCO EQUITY SERIES | See Accompanying Notes |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||
Net Assets End of Year or Period(a) |
Total Return(d) |
Net
Assets End of Year or Period (000s) |
Expenses | Expenses Excluding Waivers |
Expenses Excluding Interest Expense |
Expenses Excluding Interest Expense and Waivers |
Net Investment Income (Loss) |
Portfolio Turnover Rate |
||||||||||||||||||||||||||
$ | 17.49 | 1.69 | % | $ | 72,044 | 0.49 | %* | 0.50 | %* | 0.49 | %* | 0.50 | %* | 4.69 | %* | 31 | % | |||||||||||||||||
18.33 | (23.00 | ) | 75,517 | 0.49 | 0.50 | 0.49 | 0.50 | 4.50 | 54 | |||||||||||||||||||||||||
31.06 | 51.62 | 494,452 | 0.50 | 0.51 | 0.50 | 0.51 | 1.91 | 58 | ||||||||||||||||||||||||||
20.84 | (11.86 | ) | 619,324 | 0.49 | 0.50 | 0.49 | 0.50 | 2.66 | 59 | |||||||||||||||||||||||||
24.24 | 4.53 | 477,943 | 0.49 | 0.50 | 0.49 | 0.50 | 2.75 | 43 | ||||||||||||||||||||||||||
23.94 | (3.99 | ) | 357,169 | 0.50 | * | 0.55 | * | 0.50 | * | 0.55 | * | 1.94 | * | 52 | ||||||||||||||||||||
$ | 25.67 | 4.65 | % | $ | 107,810 | 0.39 | %* | 0.40 | %* | 0.39 | %* | 0.40 | %* | 2.46 | %* | 12 | % | |||||||||||||||||
25.16 | (12.60 | ) | 85,539 | 0.39 | 0.40 | 0.39 | 0.40 | 3.30 | 39 | |||||||||||||||||||||||||
29.66 | 31.87 | 88,978 | 0.40 | 0.40 | 0.40 | 0.40 | 2.54 | 48 | ||||||||||||||||||||||||||
22.86 | (5.37 | ) | 24,231 | 0.40 | 0.41 | 0.40 | 0.41 | 2.21 | 35 | |||||||||||||||||||||||||
24.94 | (0.59 | ) | 42,888 | 0.39 | 0.40 | 0.39 | 0.40 | 2.96 | 24 | |||||||||||||||||||||||||
25.87 | 4.22 | 28,976 | 0.40 | * | 0.87 | * | 0.40 | * | 0.87 | * | 2.81 | * | 36 | |||||||||||||||||||||
$ | 38.14 | 7.01 | % | $ | 115,196 | 0.29 | %* | 0.30 | %* | 0.29 | %* | 0.30 | %* | 2.26 | %* | 21 | % | |||||||||||||||||
36.24 | (5.66 | ) | 94,954 | 0.29 | 0.30 | 0.29 | 0.30 | 1.88 | 43 | |||||||||||||||||||||||||
39.00 | 43.02 | 82,677 | 0.29 | 0.30 | 0.29 | 0.30 | 1.53 | 63 | ||||||||||||||||||||||||||
27.74 | (2.80 | ) | 25,525 | 0.30 | 0.31 | 0.30 | 0.31 | 2.12 | 36 | |||||||||||||||||||||||||
29.21 | 5.50 | 96,980 | 0.29 | 0.30 | 0.29 | 0.30 | 2.08 | 40 | ||||||||||||||||||||||||||
28.30 | 14.43 | 65,658 | 0.29 | * | 0.60 | * | 0.29 | * | 0.60 | * | 1.89 | * | 56 | |||||||||||||||||||||
$ | 27.94 | 3.10 | % | $ | 27,939 | 0.29 | %* | 0.30 | %* | 0.29 | %* | 0.30 | %* | 2.21 | %* | 8 | % | |||||||||||||||||
27.58 | (8.73 | ) | 28,615 | 0.29 | 0.30 | 0.29 | 0.30 | 1.94 | 26 | |||||||||||||||||||||||||
30.72 | 46.63 | 20,584 | 0.30 | 0.31 | 0.30 | 0.31 | 1.91 | 32 | ||||||||||||||||||||||||||
21.40 | (13.42 | ) | 8,988 | 0.30 | * | 0.86 | * | 0.30 | * | 0.86 | * | 2.75 | * | 12 |
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 19 |
Statements of Assets and Liabilities | December 31, 2022 | (Unaudited) |
(Amounts in thousands†, except per share amounts) |
PIMCO RAFI
Dynamic |
PIMCO RAFI Dynamic |
PIMCO RAFI Dynamic |
PIMCO RAFI ESG |
||||||||||||
Assets: |
||||||||||||||||
Investments, at value |
||||||||||||||||
Investments in securities*^ |
$ | 71,724 | $ | 107,479 | $ | 115,515 | $ | 27,852 | ||||||||
Investments in Affiliates |
6 | 0 | 0 | 0 | ||||||||||||
Cash |
0 | 0 | 0 | 184 | ||||||||||||
Foreign currency, at value |
177 | 344 | 0 | 0 | ||||||||||||
Receivable for investments sold |
0 | 602 | 394 | 76 | ||||||||||||
Interest and/or dividends receivable |
378 | 411 | 160 | 24 | ||||||||||||
Reimbursement receivable from PIMCO |
1 | 1 | 1 | 0 | ||||||||||||
Other assets |
3 | 0 | 0 | 0 | ||||||||||||
Total Assets |
72,289 | 108,837 | 116,070 | 28,136 | ||||||||||||
Liabilities: |
||||||||||||||||
Payable for investments purchased |
$ | 0 | $ | 107 | $ | 149 | $ | 0 | ||||||||
Payable upon return of securities loaned |
6 | 0 | 0 | 0 | ||||||||||||
Distributions payable |
206 | 882 | 694 | 190 | ||||||||||||
Accrued management fees |
33 | 38 | 31 | 7 | ||||||||||||
Total Liabilities |
245 | 1,027 | 874 | 197 | ||||||||||||
Net Assets |
$ | 72,044 | $ | 107,810 | $ | 115,196 | $ | 27,939 | ||||||||
Net Assets Consist of: |
||||||||||||||||
Paid in capital |
$ | 79,771 | $ | 118,769 | $ | 122,164 | $ | 31,108 | ||||||||
Distributable earnings (accumulated loss) |
(7,727 | ) | (10,959 | ) | (6,968 | ) | (3,169 | ) | ||||||||
Net Assets |
$ | 72,044 | $ | 107,810 | $ | 115,196 | $ | 27,939 | ||||||||
Shares Issued and Outstanding |
4,120 | 4,200 | 3,020 | 1,000 | ||||||||||||
Net Asset Value Per Share Outstanding(a): |
$ | 17.49 | $ | 25.67 | $ | 38.14 | $ | 27.94 | ||||||||
Cost of investments in securities |
$ | 73,830 | $ | 104,448 | $ | 102,828 | $ | 29,239 | ||||||||
Cost of investments in Affiliates |
$ | 6 | $ | 0 | $ | 0 | $ | 0 | ||||||||
Cost of foreign currency held |
$ | 173 | $ | 343 | $ | 0 | $ | 0 | ||||||||
* Includes repurchase agreements of: |
$ | 257 | $ | 320 | $ | 709 | $ | 0 | ||||||||
^ Includes securities on loan of: |
$ | 5 | $ | 0 | $ | 0 | $ | 0 |
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. |
20 | PIMCO EQUITY SERIES | See Accompanying Notes |
Statements of Operations |
Six Months Ended December 31, 2022 (Unaudited) | ||||||||||||||||
(Amounts in thousands†) |
PIMCO RAFI
Dynamic |
PIMCO RAFI Dynamic Multi-Factor Equity ETF |
PIMCO RAFI Dynamic U.S. Equity ETF |
PIMCO RAFI ESG U.S. ETF |
||||||||||||
Investment Income: |
||||||||||||||||
Interest |
$ | 2 | $ | 2 | $ | 3 | $ | 0 | ||||||||
Dividends, net of foreign taxes* |
2,099 | 1,399 | 1,387 | 357 | ||||||||||||
Securities lending income |
2 | 2 | 1 | 0 | ||||||||||||
Total Income |
2,103 | 1,403 | 1,391 | 357 | ||||||||||||
Expenses: |
||||||||||||||||
Management fees |
198 | 191 | 158 | 41 | ||||||||||||
Trustee fees |
3 | 3 | 3 | 1 | ||||||||||||
Interest expense |
2 | 1 | 0 | 0 | ||||||||||||
Miscellaneous expense |
2 | 2 | 3 | 1 | ||||||||||||
Total Expenses |
205 | 197 | 164 | 43 | ||||||||||||
Waiver and/or Reimbursement by PIMCO |
(3 | ) | (3 | ) | (3 | ) | (1 | ) | ||||||||
Net Expenses |
202 | 194 | 161 | 42 | ||||||||||||
Net Investment Income (Loss) |
1,901 | 1,209 | 1,230 | 315 | ||||||||||||
Net Realized Gain (Loss): |
||||||||||||||||
Investments in securities |
(2,402 | ) | (567 | ) | (2,463 | ) | (692 | ) | ||||||||
In-kind redemptions |
457 | 0 | 0 | 502 | ||||||||||||
Over the counter financial derivative instruments |
0 | 4 | 0 | 0 | ||||||||||||
Foreign currency |
(67 | ) | (6 | ) | 0 | 0 | ||||||||||
Net Realized Gain (Loss) |
(2,012 | ) | (569 | ) | (2,463 | ) | (190 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation): |
||||||||||||||||
Investments in securities |
1,181 | 4,595 | 8,639 | 643 | ||||||||||||
Foreign currency assets and liabilities |
(44 | ) | 10 | 0 | 0 | |||||||||||
Net Change in Unrealized Appreciation (Depreciation) |
1,137 | 4,605 | 8,639 | 643 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 1,026 | $ | 5,245 | $ | 7,406 | $ | 768 | ||||||||
* Foreign tax withholdings - Dividends |
$ | 317 | $ | 143 | $ | 0 | $ | 0 |
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 21 |
Statements of Changes in Net Assets |
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
PIMCO RAFI Dynamic Multi-Factor International Equity ETF |
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF |
PIMCO RAFI ESG U.S. ETF |
|||||||||||||||||||||||||||||
(Amounts in thousands†) |
Six Months Ended December 31, 2022 (Unaudited) |
Year
Ended June 30, 2022 |
Six Months Ended December 31, 2022 (Unaudited) |
Year Ended June 30, 2022 |
Six Months Ended December 31, 2022 (Unaudited) |
Year Ended June 30, 2022 |
Six Months Ended December 31, 2022 (Unaudited) |
Year Ended June 30, 2022 |
||||||||||||||||||||||||
Increase (Decrease) in Net Assets from: |
||||||||||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 1,901 | $ | 8,155 | $ | 1,209 | $ | 3,110 | $ | 1,230 | $ | 1,638 | $ | 315 | $ | 499 | ||||||||||||||||
Net realized gain (loss) |
(2,012 | ) | 82,414 | (569 | ) | 1,573 | (2,463 | ) | 938 | (190 | ) | 412 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
1,137 | (124,916 | ) | 4,605 | (17,528 | ) | 8,639 | (8,348 | ) | 643 | (4,250 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
1,026 | (34,347 | ) | 5,245 | (12,845 | ) | 7,406 | (5,772 | ) | 768 | (3,339 | ) | ||||||||||||||||||||
Distributions to Shareholders: |
||||||||||||||||||||||||||||||||
From net investment income and/or net realized capital gains |
(4,723 | ) | (35,613 | ) | (2,354 | ) | (2,872 | ) | (1,730 | ) | (1,311 | ) | (486 | ) | (411 | ) | ||||||||||||||||
Total Distributions(a) |
(4,723 | ) | (35,613 | ) | (2,354 | ) | (2,872 | ) | (1,730 | ) | (1,311 | ) | (486 | ) | (411 | ) | ||||||||||||||||
Fund Share Transactions: |
||||||||||||||||||||||||||||||||
Receipts for shares sold |
18,083 | 19,206 | 19,380 | 36,080 | 14,566 | 31,146 | 4,319 | 17,482 | ||||||||||||||||||||||||
Cost of shares redeemed |
(17,859 | ) | (368,181 | ) | 0 | (23,802 | ) | 0 | (11,786 | ) | (5,277 | ) | (5,701 | ) | ||||||||||||||||||
Net increase (decrease) resulting from Fund share transactions |
224 | (348,975 | ) | 19,380 | 12,278 | 14,566 | 19,360 | (958 | ) | 11,781 | ||||||||||||||||||||||
Total Increase (Decrease) in Net Assets |
(3,473 | ) | (418,935 | ) | 22,271 | (3,439 | ) | 20,242 | 12,277 | (676 | ) | 8,031 | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
75,517 | 494,452 | 85,539 | 88,978 | 94,954 | 82,677 | 28,615 | 20,584 | ||||||||||||||||||||||||
End of period |
$ | 72,044 | $ | 75,517 | $ | 107,810 | $ | 85,539 | $ | 115,196 | $ | 94,954 | $ | 27,939 | $ | 28,615 | ||||||||||||||||
Shares of Beneficial Interest: |
||||||||||||||||||||||||||||||||
Shares sold |
1,000 | 800 | 800 | 1,200 | 400 | 800 | 150 | 550 | ||||||||||||||||||||||||
Shares redeemed |
(1,000 | ) | (12,600 | ) | 0 | (800 | ) | 0 | (300 | ) | (188 | ) | (182 | ) | ||||||||||||||||||
Net increase (decrease) in shares outstanding |
0 | (11,800 | ) | 800 | 400 | 400 | 500 | (38 | ) | 368 |
† |
A zero balance may reflect actual amounts rounding to less than one thousand. |
(a) |
The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end so the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. |
22 | PIMCO EQUITY SERIES | See Accompanying Notes |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | December 31, 2022 | (Unaudited) |
(Amounts in thousands*, except number of shares, contracts, units and ounces, if any)
SHARES | MARKET VALUE (000S) |
|||||||||||
INVESTMENTS IN SECURITIES 99.6% |
| |||||||||||
COMMON STOCKS 96.9% |
| |||||||||||
BRAZIL 4.7% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Telefonica Brasil SA |
6,373 | $ | 46 | |||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.2% |
| |||||||||||
Vibra Energia SA |
54,632 | 160 | ||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.6% |
| |||||||||||
Ambev SA |
85,279 | 233 | ||||||||||
BRF SA (b) |
8,558 | 13 | ||||||||||
JBS SA |
33,660 | 141 | ||||||||||
Raia Drogasil SA |
17,623 | 79 | ||||||||||
|
|
|||||||||||
466 | ||||||||||||
|
|
|||||||||||
ENERGY 0.3% |
| |||||||||||
Cosan SA |
6,640 | 21 | ||||||||||
Ultrapar Participacoes SA |
71,988 | 171 | ||||||||||
|
|
|||||||||||
192 | ||||||||||||
|
|
|||||||||||
FINANCIALS 0.9% |
| |||||||||||
B3 SA - Brasil Bolsa Balcao |
67,702 | 169 | ||||||||||
Banco BTG Pactual SA |
11,038 | 50 | ||||||||||
Banco do Brasil SA |
50,977 | 330 | ||||||||||
BB Seguridade Participacoes SA |
10,497 | 67 | ||||||||||
Porto Seguro SA |
2,300 | 10 | ||||||||||
|
|
|||||||||||
626 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.1% |
| |||||||||||
Hypera SA |
7,080 | 61 | ||||||||||
|
|
|||||||||||
INDUSTRIALS 0.2% |
| |||||||||||
CCR SA |
11,271 | 23 | ||||||||||
Rumo SA |
5,100 | 18 | ||||||||||
WEG SA |
14,681 | 107 | ||||||||||
|
|
|||||||||||
148 | ||||||||||||
|
|
|||||||||||
MATERIALS 1.9% |
| |||||||||||
Cia Siderurgica Nacional SA |
13,277 | 36 | ||||||||||
Klabin SA |
21,990 | 83 | ||||||||||
Suzano SA |
6,992 | 65 | ||||||||||
Vale SA |
72,500 | 1,228 | ||||||||||
|
|
|||||||||||
1,412 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.4% |
| |||||||||||
Centrais Eletricas Brasileiras SA |
8,157 | 65 | ||||||||||
Cia de Saneamento Basico do Estado de Sao Paulo |
4,455 | 48 | ||||||||||
Cia Paranaense de Energia |
13,189 | 96 | ||||||||||
Engie Brasil Energia SA |
2,735 | 20 | ||||||||||
Equatorial Energia SA |
6,640 | 34 | ||||||||||
|
|
|||||||||||
263 | ||||||||||||
|
|
|||||||||||
Total Brazil |
3,374 | |||||||||||
|
|
|||||||||||
CHILE 0.8% |
| |||||||||||
CONSUMER DISCRETIONARY 0.1% |
| |||||||||||
Falabella SA |
30,586 | 60 | ||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
CONSUMER STAPLES 0.2% |
| |||||||||||
Cencosud SA |
44,749 | $ | 73 | |||||||||
Cia Cervecerias Unidas SA |
8,490 | 57 | ||||||||||
|
|
|||||||||||
130 | ||||||||||||
|
|
|||||||||||
ENERGY 0.1% |
| |||||||||||
Empresas COPEC SA |
5,050 | 38 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.2% |
| |||||||||||
Banco de Chile |
1,117,437 | 116 | ||||||||||
Banco de Credito e Inversiones SA |
998 | 28 | ||||||||||
Banco Santander Chile |
569,195 | 23 | ||||||||||
|
|
|||||||||||
167 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.0% |
| |||||||||||
Empresas CMPC SA |
14,616 | 24 | ||||||||||
|
|
|||||||||||
UTILITIES 0.2% |
| |||||||||||
Aguas Andinas SA ‘A’ |
151,770 | 35 | ||||||||||
Colbun SA |
321,144 | 33 | ||||||||||
Enel Americas SA |
630,958 | 85 | ||||||||||
Enel Chile SA |
418,221 | 19 | ||||||||||
|
|
|||||||||||
172 | ||||||||||||
|
|
|||||||||||
Total Chile |
591 | |||||||||||
|
|
|||||||||||
CHINA 17.2% |
| |||||||||||
COMMUNICATION SERVICES 0.2% |
| |||||||||||
China Tower Corp. Ltd. ‘H’ |
392,000 | 42 | ||||||||||
China United Network Communications Ltd. ‘A’ |
51,500 | 33 | ||||||||||
Tencent Music Entertainment Group ADR (b) |
10,784 | 90 | ||||||||||
|
|
|||||||||||
165 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 3.2% |
| |||||||||||
ANTA Sports Products Ltd. |
4,400 | 57 | ||||||||||
BAIC Motor Corp. Ltd. ‘H’ |
98,000 | 26 | ||||||||||
Chongqing Changan Automobile Co. Ltd. ‘A’ |
6,900 | 12 | ||||||||||
Dongfeng Motor Group Co. Ltd. ‘H’ |
68,000 | 39 | ||||||||||
Fuyao Glass Industry Group Co. Ltd. |
9,600 | 40 | ||||||||||
Great Wall Motor Co. Ltd. ‘H’ |
42,000 | 54 | ||||||||||
Huayu Automotive Systems Co. Ltd. ‘A’ |
5,000 | 12 | ||||||||||
Meituan ‘B’ (b) |
33,600 | 744 | ||||||||||
Pinduoduo, Inc. ADR (b) |
10,480 | 855 | ||||||||||
SAIC Motor Corp. Ltd. ‘A’ |
18,100 | 37 | ||||||||||
Shenzhou International Group Holdings Ltd. |
4,400 | 49 | ||||||||||
Trip.com Group Ltd. ADR (b) |
4,387 | 151 | ||||||||||
Vipshop Holdings Ltd. ADR (b) |
3,205 | 44 | ||||||||||
Wuchan Zhongda Group Co. Ltd. ‘A’ |
21,200 | 15 | ||||||||||
Yum China Holdings, Inc. |
3,561 | 195 | ||||||||||
|
|
|||||||||||
2,330 | ||||||||||||
|
|
|||||||||||
CONSUMER STAPLES 0.9% |
| |||||||||||
Dali Foods Group Co. Ltd. |
49,000 | 22 | ||||||||||
Hengan International Group Co. Ltd. |
20,500 | 109 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Inner Mongolia Yili Industrial Group Co. Ltd. ‘A’ |
5,900 | $ | 26 | |||||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. ‘A’ |
600 | 14 | ||||||||||
Kweichow Moutai Co. Ltd. ‘A’ |
100 | 25 | ||||||||||
Muyuan Foods Co. Ltd. ‘A’ |
3,900 | 27 | ||||||||||
Nongfu Spring Co. Ltd. |
17,600 | 99 | ||||||||||
Tingyi Cayman Islands Holding Corp. |
72,000 | 127 | ||||||||||
Tsingtao Brewery Co. Ltd. ‘H’ |
6,000 | 59 | ||||||||||
Uni-President China Holdings Ltd. |
35,000 | 35 | ||||||||||
Want Want China Holdings Ltd. |
80,000 | 54 | ||||||||||
Wens Foodstuffs Group Co. Ltd. ‘A’ |
21,700 | 61 | ||||||||||
Wuliangye Yibin Co. Ltd. ‘A’ |
700 | 18 | ||||||||||
|
|
|||||||||||
676 | ||||||||||||
|
|
|||||||||||
ENERGY 2.7% |
| |||||||||||
China Coal Energy Co. Ltd. ‘H’ |
11,000 | 9 | ||||||||||
China Oilfield Services Ltd. ‘H’ |
16,000 | 19 | ||||||||||
China Petroleum & Chemical Corp. ‘H’ |
1,528,000 | 736 | ||||||||||
China Shenhua Energy Co. Ltd. ‘H’ |
165,000 | 475 | ||||||||||
PetroChina Co. Ltd. ‘H’ |
922,000 | 421 | ||||||||||
Shaanxi Coal Industry Co. Ltd. ‘A’ |
5,100 | 14 | ||||||||||
Yankuang Energy Group Co. Ltd. ‘H’ |
86,000 | 262 | ||||||||||
|
|
|||||||||||
1,936 | ||||||||||||
|
|
|||||||||||
FINANCIALS 5.4% |
| |||||||||||
Agricultural Bank of China Ltd. ‘H’ |
1,216,000 | 416 | ||||||||||
Bank of Beijing Co. Ltd. ‘A’ |
107,300 | 67 | ||||||||||
Bank of China Ltd. ‘H’ |
2,581,000 | 934 | ||||||||||
Bank of Communications Co. Ltd. ‘H’ |
447,000 | 257 | ||||||||||
Bank of Jiangsu Co. Ltd. ‘A’ |
78,500 | 82 | ||||||||||
Bank of Nanjing Co. Ltd. ‘A’ |
31,500 | 47 | ||||||||||
China Cinda Asset Management Co. Ltd. ‘H’ |
297,000 | 41 | ||||||||||
China CITIC Bank Corp. Ltd. ‘H’ |
392,000 | 173 | ||||||||||
China Construction Bank Corp. ‘H’ |
681,000 | 426 | ||||||||||
China Everbright Bank Co. Ltd. ‘H’ |
114,000 | 35 | ||||||||||
China Life Insurance Co. Ltd. ‘H’ |
37,000 | 63 | ||||||||||
China Minsheng Banking Corp. Ltd. ‘H’ |
102,000 | 35 | ||||||||||
China Zheshang Bank Co. Ltd. ‘H’ |
73,000 | 26 | ||||||||||
GF Securities Co. Ltd. ‘H’ |
16,034 | 23 | ||||||||||
Huaxia Bank Co. Ltd. ‘A’ |
28,800 | 21 | ||||||||||
Industrial & Commercial Bank of China Ltd. ‘H’ |
571,000 | 293 | ||||||||||
Industrial Bank Co. Ltd. ‘A’ |
69,600 | 176 | ||||||||||
People’s Insurance Co. Group of China Ltd. ‘H’ |
109,000 | 36 | ||||||||||
PICC Property & Casualty Co. Ltd. ‘H’ |
58,000 | 55 | ||||||||||
Ping An Insurance Group Co. of China Ltd. ‘H’ |
66,500 | 437 | ||||||||||
Postal Savings Bank of China Co. Ltd. ‘H’ |
341,000 | 211 | ||||||||||
Shanghai Pudong Development Bank Co. Ltd. ‘A’ |
8,700 | 9 | ||||||||||
|
|
|||||||||||
3,863 | ||||||||||||
|
|
|||||||||||
HEALTH CARE 0.5% |
| |||||||||||
China Resources Pharmaceutical Group Ltd. |
114,000 | 92 |
See Accompanying Notes | SEMIANNUAL REPORT | | | DECEMBER 31, 2022 | 23 |
Schedule of Investments | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | (Cont.) |
SHARES | MARKET VALUE (000S) |
|||||||||||
CSPC Pharmaceutical Group Ltd. |
107,680 | $ | 112 | |||||||||
Shanghai Pharmaceuticals Holding Co. Ltd. ‘H’ |
25,200 | 42 | ||||||||||
Sinopharm Group Co. Ltd. ‘H’ |
48,800 | 123 | ||||||||||
|
|
|||||||||||
369 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 1.9% |
| |||||||||||
Air China Ltd. ‘H’ |
46,000 | 41 | ||||||||||
China Communications Services Corp. Ltd. ‘H’ |
56,000 | 20 | ||||||||||
China Energy Engineering Corp. Ltd. ‘H’ |
282,000 | 33 | ||||||||||
China National Chemical Engineering Co. Ltd. ‘A’ |
11,000 | 13 | ||||||||||
China Railway Group Ltd. ‘H’ |
484,000 | 254 | ||||||||||
China State Construction Engineering Corp. Ltd. ‘A’ |
231,300 | 180 | ||||||||||
CITIC Ltd. |
142,000 | 149 | ||||||||||
Daqin Railway Co. Ltd. ‘A’ |
24,000 | 23 | ||||||||||
Guangshen Railway Co. Ltd. ‘H’ |
108,000 | 20 | ||||||||||
Jiangsu Expressway Co. Ltd. ‘H’ |
50,000 | 45 | ||||||||||
Jiangsu Zhongtian Technology Co. Ltd. ‘A’ |
9,100 | 21 | ||||||||||
Metallurgical Corp. of China Ltd. |
159,000 | 35 | ||||||||||
Power Construction Corp. of China Ltd. ‘A’ |
49,100 | 50 | ||||||||||
Shanghai Construction Group Co. Ltd. ‘A’ |
36,300 | 14 | ||||||||||
Shanghai International Airport Co. Ltd. ‘A’ |
2,200 | 18 | ||||||||||
Sinopec Engineering Group Co. Ltd. ‘H’ |
56,500 | 25 | ||||||||||
Sinotrans Ltd. ‘H’ |
34,000 | 11 | ||||||||||
TBEA Co. Ltd. ‘A’ |
13,400 | 39 | ||||||||||
Weichai Power Co. Ltd. ‘H’ |
40,000 | 53 | ||||||||||
Xiamen C & D, Inc. ‘A’ |
12,800 | 25 | ||||||||||
Xiamen ITG Group Corp. Ltd. ‘A’ |
21,600 | 22 | ||||||||||
Yangzijiang Shipbuilding Holdings Ltd. |
236,100 | 240 | ||||||||||
Zhejiang Expressway Co. Ltd. ‘H’ |
36,000 | 28 | ||||||||||
Zhuzhou CRRC Times Electric Co. Ltd. |
6,900 | 34 | ||||||||||
|
|
|||||||||||
1,393 | ||||||||||||
|
|
|||||||||||
INFORMATION TECHNOLOGY 0.3% |
| |||||||||||
AAC Technologies Holdings, Inc. |
5,000 | 11 | ||||||||||
BYD Electronic International Co. Ltd. |
2,000 | 7 | ||||||||||
Lenovo Group Ltd. |
212,000 | 173 | ||||||||||
|
|
|||||||||||
191 | ||||||||||||
|
|
|||||||||||
MATERIALS 0.9% |
| |||||||||||
Angang Steel Co. Ltd. ‘H’ |
84,000 | 23 | ||||||||||
Anhui Conch Cement Co. Ltd. ‘H’ |
26,000 | 91 | ||||||||||
Baoshan Iron & Steel Co. Ltd. ‘A’ |
18,400 | 15 | ||||||||||
China Hongqiao Group Ltd. |
12,000 | 11 | ||||||||||
China National Building Material Co. Ltd. ‘H’ |
228,000 | 186 | ||||||||||
China Zhongwang Holdings Ltd. «(b) |
338,800 | 0 | ||||||||||
Hesteel Co. Ltd. ‘A’ |
75,900 | 25 | ||||||||||
Jiangxi Copper Co. Ltd. ‘H’ |
61,000 | 89 | ||||||||||
Shandong Gold Mining Co. Ltd. |
22,250 | 41 | ||||||||||
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’ |
148,000 | 25 | ||||||||||
Tongling Nonferrous Metals Group Co. Ltd. ‘A’ |
48,400 | 22 |
SHARES | MARKET VALUE (000S) |
|||||||||||
Wanhua Chemical Group Co. Ltd. ‘A’ |
1,000 | $ | 13 | |||||||||
Zijin Mining Group Co. Ltd. ‘H’ |
50,000 | 67 | ||||||||||
|
|
|||||||||||
608 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.3% |
| |||||||||||
China Evergrande Group «(b) |
116,000 | 12 | ||||||||||
China Vanke Co. Ltd. ‘H’ |
18,400 | 37 | ||||||||||
Greentown China Holdings Ltd. |
18,500 | 27 | ||||||||||
KE Holdings, Inc. ADR (b) |
9,707 | 135 | ||||||||||
Poly Developments & Holdings Group Co. Ltd. ‘A’ |
14,700 | 32 | ||||||||||
|
|
|||||||||||
243 | ||||||||||||
|
|
|||||||||||
UTILITIES 0.9% |
| |||||||||||
CGN Power Co. Ltd. ‘H’ |
157,000 | 37 | ||||||||||
China Yangtze Power Co. Ltd. ‘A’ |
26,300 | 79 | ||||||||||
Datang International Power Generation Co. Ltd. ‘H’ |
320,000 | 52 | ||||||||||
ENN Energy Holdings Ltd. |
12,600 | 176 | ||||||||||
GD Power Development Co. Ltd. ‘A’ |
38,900 | 24 | ||||||||||
Huadian Power International Corp. Ltd. ‘H’ |
286,000 | 118 | ||||||||||
Huaneng Power International, Inc. ‘H’ |
330,000 | 156 | ||||||||||
|
|
|||||||||||
642 | ||||||||||||
|
|
|||||||||||
Total China |
12,416 | |||||||||||
|
|
|||||||||||
GREECE 0.6% |
| |||||||||||
COMMUNICATION SERVICES 0.1% |
| |||||||||||
Hellenic Telecommunications Organization SA |
4,185 | 65 | ||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 0.1% |
| |||||||||||
OPAP SA |
3,797 | 54 | ||||||||||
|
|
|||||||||||
ENERGY 0.0% |
| |||||||||||
Motor Oil Hellas Corinth Refineries SA |
1,423 | 33 | ||||||||||
|
|
|||||||||||
FINANCIALS 0.4% |
| |||||||||||
Alpha Services & Holdings SA (b) |
97,053 | 104 | ||||||||||
Eurobank Ergasias Services & Holdings SA (b) |
77,762 | 87 | ||||||||||
National Bank of Greece SA (b) |
21,171 | 85 | ||||||||||
|
|
|||||||||||
276 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.0% |
| |||||||||||
Mytilineos SA |
344 | 8 | ||||||||||
|
|
|||||||||||
UTILITIES 0.0% |
| |||||||||||
Public Power Corp. SA (b) |
3,059 | 22 | ||||||||||
|
|
|||||||||||
Total Greece |
458 | |||||||||||
|
|
|||||||||||
HONG KONG 2.8% |
| |||||||||||
CONSUMER STAPLES 0.1% |
| |||||||||||
China Resources Beer Holdings Co. Ltd. |
8,000 | 56 | ||||||||||
|
|
|||||||||||
SHARES | MARKET VALUE (000S) |
|||||||||||
FINANCIALS 0.5% |
| |||||||||||
BOC Hong Kong Holdings Ltd. |
99,000 | $ | 336 | |||||||||
Far East Horizon Ltd. |
31,000 | 24 | ||||||||||
|
|
|||||||||||
360 | ||||||||||||
|
|
|||||||||||
INDUSTRIALS 0.1% |
| |||||||||||
Orient Overseas International Ltd. |
4,500 | 81 | ||||||||||
Shanghai Industrial Holdings Ltd. |
18,000 | 22 | ||||||||||
|
|
|||||||||||
103 | ||||||||||||
|
|
|||||||||||
REAL ESTATE 0.9% |
| |||||||||||
China Overseas Land & Investment Ltd. |
188,000 | 492 | ||||||||||
China Resources Land Ltd. |
22,000 | 100 | ||||||||||
Yuexiu Property Co. Ltd. |
31,400 | 38 | ||||||||||
|
|
|||||||||||
630 | ||||||||||||
|
|
|||||||||||
UTILITIES 1.2% |
| |||||||||||
Beijing Enterprises Holdings Ltd. |
10,000 | 32 | ||||||||||
China Power International Development Ltd. |
440,000 | 185 | ||||||||||
China Resources Gas Group Ltd. |
24,000 | 90 | ||||||||||
China Resources Power Holdings Co. Ltd. |
188,000 | 383 | ||||||||||
Guangdong Investment Ltd. |
58,000 | 59 | ||||||||||
Kunlun Energy Co. Ltd. |
130,000 | 93 | ||||||||||
|
|
|||||||||||
842 | ||||||||||||
|
|
|||||||||||
Total Hong Kong |
1,991 | |||||||||||
|
|
|||||||||||
INDIA 16.5% |
| |||||||||||
COMMUNICATION SERVICES 0.6% |
| |||||||||||
Bharti Airtel Ltd. |
45,021 | 438 | ||||||||||
Indus Towers Ltd. |
12,391 | 28 | ||||||||||
|
|
|||||||||||
466 | ||||||||||||
|
|
|||||||||||
CONSUMER DISCRETIONARY 1.3% |
| |||||||||||
Bajaj Auto Ltd. |
2,283 | 100 | ||||||||||
Bharat Forge Ltd. |
1,406 | 15 | ||||||||||