Arrow DWA Country Rotation ETF
ALTAR
Score™
13.9% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
7.0x P/Sales
ratio
0.9x
P/BV
ratio
2.5x Div.
yield
9.1%


  • 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 28, 2017
Assets (mns) $11
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 97
Wgt avg mkt cap (mns) $47,127
Large cap (>$10bn) 74.0%
Mid cap ($2-10bn) 21.3%
Small cap (<$2bn) 3.7%
Developed mkts 74.4%
Emerging mkts 25.6%

TOP TEN HOLDINGS
MOSCOW EXCHANGE MICEX-RTS 1.7 %
LSR GROUP OJSC-GDR REGS 1.7 %
X 5 RETAIL GROUP NV-REGS GDR 1.7 %
MMC NORILSK NICKEL OJSC 1.4 %
SO-NET M3 INC 1.3 %
TAIWAN SEMICONDUCTOR MANUFAC 1.3 %
NESTE OIL OYJ 1.3 %
AFTERPAY TOUCH GROUP LTD. 1.2 %
MICRO-STAR INTERNATIONAL CO 1.2 %
TATNEFT PJSC PREF 1.2 %
Total 14.1 %

TOP COUNTRY EXPOSURE
NETHERLANDS 11.0 %
SWITZERLAND 10.4 %
FINLAND 10.2 %
DENMARK 10.2 %
FRANCE 10.0 %
CHINA 9.8 %
AUSTRALIA 9.8 %
JAPAN 9.7 %
TAIWAN 9.1 %
RUSSIA 6.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-0.4% 8.9% -- -- 1.2%

Market Correlations
versus... Beta R-squared
S&P500 0.99 82%
MSCI EAFE 1.13 87%
MSCI Emg. Mkts. 0.93 92%

Technical Indicators
Recent close $27.95
30d moving avg. $27.84
Annualized volatility 23.1%
Short interest (ETF) 0.0%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 1.00%
ADV underlying (mns) $7,518

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™: 13.9%


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 28.2 81 14 4.6 -9.2
EFG iShares MSCI EAFE Growth ETF 21.6 40 55 4.5 -9.3
IMTM iShares Edge MSCI Intl Momentum Factor ETF 19.8 30 65 4.4 -9.5
EUDG WisdomTree Europe Quality Dividend Growth Fund 19.4 58 37 6.0 -7.9
RFEU First Trust Riverfront Dynamic Europe ETF 19.1 83 12 5.9 -8.0
RFDI First Trust Riverfront Dynamic Developed International ETF 17.7 83 12 5.8 -8.1
IQDG WisdomTree International Quality Dividend Growth Fund 17.6 42 53 6.3 -7.5
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 17.5 58 37 6.1 -7.7
IQLT iShares Edge MSCI Intl Quality Factor ETF 17.3 30 65 6.1 -7.8
IDHQ Invesco S&P International Developed Quality ETF 17.0 29 66 5.1 -8.8
IDMO Invesco S&P International Developed Momentum ETF 16.9 26 69 4.6 -9.3
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 16.9 14 81 7.0 -6.8
ESGD iShares MSCI EAFE ESG Optimized ETF 15.9 20 75 7.0 -6.8
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 15.8 25 70 6.5 -7.4
IEV iShares Europe ETF 15.8 59 36 7.0 -6.9
FDEV Fidelity Targeted International Factor ETF 15.7 39 56 6.5 -7.3
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 15.7 20 75 7.1 -6.7
VIGI Vanguard International Dividend Appreciation ETF 15.7 20 75 5.6 -8.2
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 15.7 30 65 0.0 -13.9
EFAV iShares Edge MSCI Min Vol EAFE ETF 15.5 20 75 5.5 -8.3
FLEE Franklin FTSE Europe ETF 15.5 9 86 7.1 -6.7
RBIN Nationwide Risk-Based International Equity ETF 15.4 42 53 6.2 -7.7
TTAI TrimTabs All Cap International Free-Cash-Flow ETF 15.4 61 34 5.0 -8.8
BBEU JPMorgan BetaBuilders Europe ETF 15.4 9 86 7.5 -6.4
EURZ Xtrackers Eurozone Equity ETF 15.3 9 86 7.2 -6.7
QEFA SPDR MSCI EAFE Quality Mix ETF 15.3 30 65 6.9 -6.9
DBEU Xtrackers MSCI Europe Hedged Equity ETF 15.3 45 50 6.7 -7.2
FLEH Franklin FTSE Europe Hedged ETF 15.2 9 86 7.2 -6.7
IQSI IQ Candriam ESG International Equity ETF 14.8 15 80 7.4 -6.5
EFA iShares MSCI EAFE ETF 14.7 32 63 7.1 -6.7
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 14.7 30 65 0.0 -13.9
IEUR iShares Core MSCI Europe ETF 14.6 9 86 7.3 -6.5
QINT American Century Quality Diversified International ETF 14.6 39 56 6.2 -7.7
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 14.6 16 79 7.0 -6.9
FEUZ First Trust Eurozone AlphaDEX ETF 14.5 80 15 7.4 -6.4
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 14.5 35 60 6.9 -6.9
BKIE BNY Mellon International Equity ETF 14.4 4 91 7.5 -6.4
GSID Goldman Sachs MarketBeta International Equity ETF 14.3 20 75 7.4 -6.5
EZU iShares MSCI Eurozone ETF 14.2 49 46 6.7 -7.1
FEU SPDR Portfolio Europe ETF 14.2 9 86 7.4 -6.4
HFXI IQ 50 Percent Hedged FTSE International ETF 14.1 20 75 7.5 -6.3
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 13.9 58 37 7.9 -5.9
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 13.8 32 63 6.1 -7.8
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 13.7 45 50 6.8 -7.1
VGK Vanguard FTSE Europe ETF 13.5 8 87 7.6 -6.3
JHMD John Hancock Multifactor Developed International ETF 13.5 39 56 7.5 -6.4
TPIF Timothy Plan International ETF 13.4 62 33 6.3 -7.5
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 13.3 7 88 7.7 -6.2
IQDF FlexShares International Quality Dividend Index Fund 13.3 47 48 9.3 -4.6
ACWX iShares MSCI ACWI ex U.S. ETF 13.1 32 63 7.4 -6.5
IEFA iShares Core MSCI EAFE ETF 13.0 7 88 7.4 -6.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 13.0 40 55 7.1 -6.8
GSIE Goldman Sachs ActiveBeta International Equity ETF 12.8 25 70 6.8 -7.1
DWMF WisdomTree International Multifactor Fund 12.8 38 57 6.3 -7.6
SCID Global X Scientific Beta Europe ETF 12.8 39 56 6.3 -7.6
OEUR O'shares FTSE Europe Quality Dividend ETF 12.7 48 47 6.8 -7.1
HEDJ WisdomTree Europe Hedged Equity Fund 12.7 58 37 6.9 -7.0
PIE Invesco DWA Emerging Markets Momentum ETF 12.6 90 5 5.1 -8.8
SCHF Schwab International Equity ETF 12.6 6 89 7.4 -6.4
VSGX Vanguard ESG International Stock ETF 12.5 17 78 7.3 -6.6
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 12.5 45 50 6.7 -7.1
CIL VictoryShares International Volatility Weighted Index ETF 12.4 45 50 6.8 -7.1
CWI SPDR MSCI ACWI ex-US ETF 12.4 30 65 7.3 -6.6
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 12.3 35 60 7.0 -6.9
DOL WisdomTree International LargeCap Dividend Fund 12.1 48 47 8.8 -5.0
RNDM Developed International Equity Select ETF 12.1 65 30 6.4 -7.5
NUDM Nuveen ESG International Developed Markets Equity ETF 12.0 40 55 6.8 -7.0
IDEV iShares Core MSCI International Developed Markets ETF 12.0 5 90 7.3 -6.5
IXUS ishares Core MSCI Total International Stock ETF 11.8 9 86 7.5 -6.4
VEU Vanguard FTSE All-World ex-US Index Fund 11.5 8 87 7.7 -6.1
SPDW SPDR Portfolio Developed World ex-US ETF 11.5 4 91 7.2 -6.6
FEP First Trust Europe AlphaDEX Fund 11.3 80 15 7.4 -6.4
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 11.1 39 56 6.6 -7.2
VXUS Vanguard Total International Stock Index Fund 11.1 8 87 7.7 -6.2
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 11.1 35 60 8.7 -5.1
IQDE FlexShares International Quality Dividend Defensive Index Fd 11.0 47 48 9.5 -4.4
VEA Vanguard FTSE Developed Markets ETF 10.9 5 90 7.5 -6.3
DWM WisdomTree International Equity Fund 10.7 48 47 8.5 -5.4
IGRO iShares International Dividend Growth ETF 10.6 22 73 8.2 -5.6
IDLV Invesco S&P International Developed Low Volatility ETF 10.4 25 70 6.7 -7.1
EFNL iShares MSCI Finland Capped ETF 10.2 53 42 6.0 -7.9
EDEN iShares MSCI Denmark Capped ETF 10.2 53 42 6.3 -7.6
PDEV Principal International Multi-Factor Core Index ETF 10.2 25 70 7.8 -6.1
RFAP First Trust Riverfront Dynamic Asia Pacific ETF 10.1 83 12 5.6 -8.3
EWL iShares MSCI Switzerland ETF 10.0 50 45 5.0 -8.9
FLFR Franklin FTSE France ETF 10.0 9 86 6.9 -7.0
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 9.8 24 71 7.3 -6.6
EWA iShares MSCI Australia ETF 9.8 50 45 6.5 -7.3
EFAD ProShares MSCI EAFE Dividend Growers ETF 9.7 50 45 6.3 -7.6
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 9.7 80 15 6.6 -7.3
FLAU Franklin FTSE Australia ETF 9.5 9 86 7.0 -6.8
EWQ iShares MSCI France ETF 9.5 50 45 6.5 -7.4
GXF Global X FTSE Nordic Region ETF 9.3 56 39 11.0 -2.9
FLSW Franklin FTSE Switzerland ETF 9.2 9 86 5.4 -8.4
IQDY FlexShares International Quality Dividend Dynamic Index Fund 9.1 47 48 9.5 -4.4
WWJD Inspire International ESG ETF 8.9 80 15 7.5 -6.3
FEZ SPDR EURO STOXX 50 ETF 8.7 29 66 7.4 -6.5
IDY Pacific Global International Equity Income ETF 8.6 39 56 8.1 -5.7
IMOM Alpha Architect International Quantitative Momentum ETF 8.4 59 36 3.4 -10.5

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 32.5 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 95 bp
Equals: ALTAR Score 13.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.63 CATEGORY
AVERAGE
1.51
 
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.