This case explores the dynamic allocation approach to investing, an approach that would time the market based on factors' relative valuations. Research Affiliates created a RAFI Dynamic Multifactor US index that dynamically allocated five factor strategies: value, quality, momentum, size, and low volatility. In this course, students will utilize various information presented in the case to discuss why Research Affiliates decided to launch the strategy, how Research Affiliates times it, and what has been its performance relative to the Russell 1000 Index and other competitors. Students will also assess the strategy's performance and some of the limitations of its dynamic strategy.