ETF Research Center

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)	$7
Currency	USD
Expense ratio	134 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	22
Wgt avg mkt cap (mns)	$52,053
Large cap (>$10bn)	71.1%
Mid cap ($2-10bn)	23.5%
Small cap (<$2bn)	5.0%
Developed mkts	50.3%
Emerging mkts	50.3%

TOP TEN HOLDINGS
Total	100.5 %
ISHARES MSCI NETHERLANDS ETF	10.8 %
ISHARES MSCI TURKEY ETF	10.6 %
ISHARES MSCI POLAND ETF	10.6 %
ISHARES MSCI ITALY ETF	10.3 %
ISHARES MSCI FRANCE ETF	10.2 %
ISHARES MSCI INDIA ETF	10.1 %
ISHARES MSCI SINGAPORE ETF	9.6 %
ISHARES MSCI MEXICO ETF	9.6 %
ISHARES MSCI SPAIN ETF	9.4 %
ISHARES MSCI BRAZIL ETF	9.4 %

TOP COUNTRY EXPOSURE
	NETHERLANDS	10.0 %
	POLAND	9.8 %
	TURKEY	9.7 %
	SINGAPORE	9.6 %
	INDIA	9.5 %
	BRAZIL	9.2 %
	FRANCE	9.1 %
	SPAIN	9.0 %
	ITALY	8.9 %
	MEXICO	8.7 %

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.
5.6%	12.5%	5.4%	--	4.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.90	76%
MSCI EAFE	0.94	77%
MSCI Emg. Mkts.	0.74	51%

Technical Indicators
Recent close	$30.17
30d moving avg.	$27.76
Annualized volatility	18.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	1.86%
ADV underlying (mns)	$1,713

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 3 potential alternatives to the Arrow DWA Tactical: International 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:

134 bp

ALTAR Score™:

7.2%

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 (%)
COPJ	Sprott Junior Copper Miners ETF	2.2	75	59	9.5	+2.3
SHPP	Pacer Industrials and Logistics ETF	0.7	60	74	8.9	+1.7
SETM	Sprott Energy Transition Materials ETF	0.5	65	69	5.3	-1.9

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

	2019	2020	2021	2022	2023	2024E	2025E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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

	2023	2024E	2025E
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 Tactical: International ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.6	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	134	bp
Equals: ALTAR Score	7.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.50

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.