Arrow DWA Country Rotation ETF
ALTAR
Score™
22.4% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
3.3x P/Sales
ratio
0.6x
P/BV
ratio
2.1x Div.
yield
24.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Arrow DWA Country Rotation ETF tracks an index of international stocks selected based on country and individual stock momentum.

FUND BASICS
Category Global Equities
Fund Sponsor Arrow Investment Advisors
Website www.arrowfunds.com
Inception date Dec 29, 2017
Assets (mns) $7
Currency USD
Expense ratio 95 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Equal
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 94
Wgt avg mkt cap (mns) $34,689
Large cap (>$10bn) 65.8%
Mid cap ($2-10bn) 33.0%
Small cap (<$2bn) 1.2%
Developed mkts 69.7%
Emerging mkts 30.3%

TOP TEN HOLDINGS
TATNEFT PJSC PREF 2.3 %
TATNEFT-CLS 2.2 %
MOSCOW EXCHANGE MICEX-RTS 2.0 %
X 5 RETAIL GROUP NV-REGS GDR 2.0 %
EVOLUTION MINING LTD 1.5 %
WESFARMERS LIMITED 1.5 %
BRAMBLES LTD 1.5 %
APA GROUP 1.5 %
CSL LIMITED 1.4 %
NORTHERN STAR RESOURCES LTD 1.2 %
Total 17.1 %

TOP COUNTRY EXPOSURE
NETHERLANDS 10.7 %
CHINA 10.6 %
DENMARK 10.1 %
SWITZERLAND 9.7 %
JAPAN 9.6 %
FRANCE 9.6 %
TAIWAN 9.1 %
HONG KONG 8.7 %
AUSTRALIA 8.6 %
RUSSIA 6.5 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-27.3% -22.1% -- -- -17.6%

Market Correlations
versus... Beta R-squared
S&P500 0.98 79%
MSCI EAFE 1.08 89%
MSCI Emg. Mkts. 0.93 91%

Technical Indicators
Recent close $20.64
30d moving avg. $22.42
Annualized volatility 22.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 34

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 4.28%
ADV underlying (mns) $8,508

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Arrow DWA Country Rotation ETF ETF based on the alternatives' overlap in portfolio holdings with DWCR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: DWCR Expense: 95 bp ALTAR Score™: 22.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH DWCR
Ticker Fund
Name
Overlap1
vs DWCR
(%)
Expense
ratio
(bp)
Savings
vs DWCR
(bp)
ALTAR
Score™
(%)
ALTAR
vs DWCR
(%)
PIZ Invesco DWA Developed Markets Momentum ETF 28.9 80 15 5.4 -16.9
EFG iShares MSCI EAFE Growth ETF 20.0 40 55 5.9 -16.5
PIE Invesco DWA Emerging Markets Momentum ETF 17.7 90 5 7.1 -15.3
IQLT iShares Edge MSCI Intl Quality Factor ETF 17.4 30 65 7.5 -14.8
IQDG WisdomTree International Quality Dividend Growth Fund 16.7 38 57 8.0 -14.4
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 16.7 58 37 7.8 -14.6
IDHQ Invesco S&P International Developed High Quality ETF 16.1 29 66 6.7 -15.7
RFEU First Trust Riverfront Dynamic Europe ETF 15.9 83 12 6.4 -16.0
EUDG WisdomTree Europe Quality Dividend Growth Fund 15.3 58 37 7.8 -14.6
IMTM iShares Edge MSCI Intl Momentum Factor ETF 15.2 30 65 8.1 -14.2
VIGI Vanguard International Dividend Appreciation ETF 15.1 25 70 7.2 -15.2
QEFA SPDR MSCI EAFE Quality Mix ETF 15.1 30 65 8.2 -14.2
ESGD iShares MSCI EAFE ESG Optimized ETF 15.1 20 75 9.1 -13.3
RFDI First Trust Riverfront Dynamic Developed International ETF 15.1 83 12 8.1 -14.3
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 14.7 20 75 9.1 -13.3
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 14.6 14 81 8.7 -13.7
IQSI IQ Candriam ESG International Equity ETF 14.3 15 80 9.2 -13.2
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 14.2 48 47 0.0 -22.4
QINT American Century Quality Diversified International ETF 13.9 39 56 7.6 -14.7
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 13.9 80 15 7.0 -15.4
EFAD ProShares MSCI EAFE Dividend Growers ETF 13.8 50 45 8.2 -14.2
EFA iShares MSCI EAFE ETF 13.8 32 63 9.0 -13.3
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 13.5 16 79 8.8 -13.6
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 13.4 25 70 8.4 -14.0
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 13.3 35 60 8.8 -13.5
PDEV Principal International Multi-Factor Core Index ETF 13.2 25 70 8.5 -13.8
HFXI IQ 50 Percent Hedged FTSE International ETF 13.1 20 75 9.5 -12.9
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 13.1 61 34 6.5 -15.9
EUMV iShares Edge MSCI Min Vol Europe ETF 13.0 25 70 6.4 -16.0
DNL WisdomTree Global ex-US Dividend Growth Fund 12.5 58 37 9.5 -12.9
FDEV Fidelity Targeted International Factor ETF 12.5 39 56 7.8 -14.6
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 12.4 7 88 9.6 -12.8
ACWX iShares MSCI ACWI ex U.S. ETF 12.4 32 63 9.4 -13.0
CWI SPDR MSCI ACWI ex-US ETF 12.4 30 65 9.4 -13.0
IEFA iShares Core MSCI EAFE ETF 12.3 7 88 9.3 -13.1
VSGX Vanguard ESG International Stock ETF 12.2 17 78 9.2 -13.2
TPIF Timothy Plan International ETF 12.1 62 33 8.9 -13.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 12.1 40 55 9.2 -13.2
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 12.0 30 65 8.6 -13.8
FLEE Franklin FTSE Europe ETF 12.0 9 86 8.8 -13.6
IDMO Invesco S&P International Developed Momentum ETF 11.9 25 70 5.7 -16.6
IEV iShares Europe ETF 11.8 59 36 8.6 -13.7
GSIE Goldman Sachs ActiveBeta International Equity ETF 11.8 25 70 8.6 -13.7
FLEH Franklin FTSE Europe Hedged ETF 11.8 9 86 8.8 -13.6
DBEU Xtrackers MSCI Europe Hedged Equity ETF 11.7 45 50 8.4 -14.0
JPEU JPMorgan Diversified Return Europe Equity ETF 11.7 37 58 8.8 -13.6
SCHF Schwab International Equity ETF 11.6 6 89 9.4 -13.0
JHMD John Hancock Multifactor Developed International ETF 11.6 45 50 9.4 -12.9
BBEU JPMorgan BetaBuilders Europe ETF 11.6 9 86 9.1 -13.3
IEUR iShares Core MSCI Europe ETF 11.5 9 86 9.2 -13.2
IDEV iShares Core MSCI International Developed Markets ETF 11.5 5 90 9.3 -13.1
IXUS ishares Core MSCI Total International Stock ETF 11.4 9 86 9.5 -12.8
VEU Vanguard FTSE All-World ex-US Index Fund 11.3 8 87 9.7 -12.7
IGRO iShares International Dividend Growth ETF 11.3 22 73 9.9 -12.5
VXUS Vanguard Total International Stock Index Fund 11.2 8 87 9.7 -12.7
SPDW SPDR Portfolio Developed World ex-US ETF 11.2 4 91 9.2 -13.2
FEU SPDR Portfolio Europe ETF 11.1 9 86 9.2 -13.2
VGK Vanguard FTSE Europe ETF 11.1 8 87 9.3 -13.0
EFAV iShares Edge MSCI Min Vol EAFE ETF 10.7 20 75 6.7 -15.7
NUDM Nuveen ESG International Developed Markets Equity ETF 10.5 40 55 8.6 -13.8
VEA Vanguard FTSE Developed Markets ETF 10.4 5 90 9.5 -12.8
EDEN iShares MSCI Denmark Capped ETF 10.1 53 42 8.2 -14.2
CIL Victory CEMP International Volatility Weighted Index ETF 10.1 45 50 9.3 -13.1
RFAP First Trust Riverfront Dynamic Asia Pacific ETF 10.1 83 12 9.0 -13.4
SCID Global X Scientific Beta Europe ETF 9.9 38 57 9.0 -13.4
DWMF WisdomTree International Multifactor Fund 9.9 38 57 8.3 -14.1
EMMF WisdomTree Emerging Markets Multifactor Fund 9.7 48 47 11.8 -10.5
EURZ Xtrackers Eurozone Equity ETF 9.7 9 86 9.2 -13.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 9.7 39 56 8.6 -13.8
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 9.7 32 63 7.6 -14.8
RBIN Nationwide Risk-Based International Equity ETF 9.6 42 53 8.4 -14.0
EZU iShares MSCI Eurozone ETF 9.5 49 46 8.9 -13.4
DOL WisdomTree International LargeCap Dividend Fund 9.4 48 47 10.8 -11.6
OEUR O'shares FTSE Europe Quality Dividend ETF 9.4 48 47 7.7 -14.7
AXJL WisdomTree Asia Pacific ex-Japan Fund 9.4 48 47 11.0 -11.4
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 9.2 45 50 8.8 -13.5
IPAC iShares Core MSCI Pacific ETF 9.2 9 86 9.5 -12.9
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 9.0 32 63 11.4 -11.0
HEDJ WisdomTree Europe Hedged Equity Fund 8.9 58 37 10.0 -12.4
VGFO Virtus WMC Global Factor Opportunities ETF 8.8 49 46 7.8 -14.6
AIA iShares Asia 50 ETF 8.8 50 45 10.1 -12.3
FLFR Franklin FTSE France ETF 8.6 9 86 8.9 -13.5
IQDY FlexShares International Quality Dividend Dynamic Index Fund 8.6 47 48 17.4 -5.0
FLSW Franklin FTSE Switzerland ETF 8.5 9 86 6.3 -16.0
EWL iShares MSCI Switzerland ETF 8.4 50 45 5.8 -16.6
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 8.4 95 0 12.3 -10.1
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan ETF 8.4 19 76 8.4 -13.9
VPL Vanguard FTSE Pacific ETF 8.3 8 87 9.9 -12.4
DWM WisdomTree International Equity Fund 8.3 48 47 10.7 -11.7
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 8.2 35 60 11.0 -11.4
EPP iShares MSCI Pacific ex-Japan ETF 8.1 48 47 8.2 -14.1
EUDV ProShares MSCI Europe Dividend Growers ETF 7.9 55 40 8.7 -13.7
IQDE FlexShares International Quality Dividend Defensive Index Fd 7.8 47 48 15.5 -6.9
IQDF FlexShares International Quality Dividend Index Fund 7.8 47 48 16.2 -6.2
RNDM Developed International Equity Select ETF 7.7 65 30 8.2 -14.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 7.6 68 27 9.4 -13.0
IQIN IQ 500 International ETF 7.5 25 70 11.3 -11.0
FLAX Franklin FTSE Asia Ex Japan ETF 7.5 19 76 10.0 -12.4
EWQ iShares MSCI France ETF 7.4 50 45 8.5 -13.9

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Arrow DWA Country Rotation ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 45.5 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 95 bp
Equals: ALTAR Score 22.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 CATEGORY
AVERAGE
1.49
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.