Arrow DWA Country Rotation
ALTAR
Score™
4.9% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
17.4x P/Sales
ratio
1.9x
P/BV
ratio
2.2x Div.
yield
3.4%


  • 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) $12
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 86
Wgt avg mkt cap (mns) $16,318
Large cap (>$10bn) 43.3%
Mid cap ($2-10bn) 51.4%
Small cap (<$2bn) 5.3%
Developed mkts 41.6%
Emerging mkts 58.4%

TOP TEN HOLDINGS
FISHER & PAYKEL HEALTHCARE C 2.0 %
XERO LIMITED 1.9 %
SM PRIME HOLDINGS INC 1.9 %
SM INVESTMENTS CORP 1.8 %
JG SUMMIT HOLDINGS INC 1.7 %
ORKLA ASA 1.7 %
AUCKLAND INTL AIRPORT LTD 1.7 %
RYMAN HEALTHCARE LTD 1.7 %
MARINE HARVEST 1.7 %
GLOBE TELECOM INC. 1.7 %
Total 17.7 %

TOP COUNTRY EXPOSURE
NEW ZEALAND 10.3 %
PHILIPPINES 10.1 %
HONG KONG 10.1 %
INDONESIA 10.1 %
AUSTRALIA 10.0 %
BRAZIL 9.6 %
NORWAY 9.4 %
TAIWAN 9.1 %
THAILAND 8.7 %
RUSSIA 8.5 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
8.9% 5.0% -- -- -3.7%

Market Correlations
versus... Beta R-squared
S&P500 0.76 76%
MSCI EAFE 0.93 82%
MSCI Emg. Mkts. 0.80 85%

Technical Indicators
Recent close $26.78
30d moving avg. $26.76
Annualized volatility 15.7%
Short interest (ETF) 0.0%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 5
Turnover 1.1%
Bid/Ask (% of price) 0.48%
ADV underlying (mns) $2,141

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Arrow DWA Country Rotation 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™: 4.9%


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
(%)
PIE Invesco DWA Emg. Mkts. Technical Leaders 17.2 90 44 5.1 +0.2
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan 12.4 19 115 6.6 +1.7
EPP iShares MSCI Pacific ex-Japan 12.0 48 86 6.4 +1.5
SCIX Global X Scientific Beta Asia ex-Japan 10.3 38 96 6.2 +1.3
FEM First Trust Emerging Markets AlphaDEX 10.2 80 54 11.0 +6.1
EPHE iShares MSCI Philippines ETF 10.1 59 75 8.0 +3.0
PIZ Invesco DWA Dev. Mkts. Technical Leaders 10.0 80 54 4.2 -0.7
EEMO Invesco S&P Emg Mkts Momentum 9.9 30 104 8.2 +3.2
EMEM Virtus Glovista Emerging Markets 9.6 67 67 9.4 +4.5
AXJL WisdomTree Asia Pacific Ex-Japan 9.4 48 86 9.2 +4.3
FDEM Fidelity Targeted Emerging Markets Factor 9.2 45 89 8.8 +3.9
IDX VanEck Vectors Indonesia 9.1 57 77 8.6 +3.7
EIDO iShares MSCI Indonesia Investable 8.8 59 75 7.3 +2.4
KEMX KraneShares MSCI Emerging Markets EX China Index 8.7 49 85 8.8 +3.8
FLN First Trust Latin America AlphaDEX 8.6 80 54 5.5 +0.6
FPA First Trust Asia Pac Ex-Japan AlphaDEX 8.4 80 54 8.8 +3.9
ENZL iShares MSCI New Zealand 8.4 47 87 3.3 -1.6
FBZ First Trust Brazil AlphaDEX 8.3 80 54 7.9 +3.0
EWZ iShares MSCI Brazil 8.0 59 75 5.3 +0.4
NORW Global X MSCI Norway 7.9 50 84 4.0 -0.9

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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 13.3 %
Divided by: Fwd. P/BV 2.1 x
Less: Expense ratio 134 bp
Equals: ALTAR Score 4.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.71 CATEGORY
AVERAGE
1.54
 
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.