DOGS — Arrow Dogs of the World ETF

DOGS Fund Overview

DOGS — Arrow Dogs of the World ETF is a US ETF managed by Arrow Investments Trust, categorised as Emerging Markets Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Arrow Investments Trust
• Category: Emerging Markets Value Equity
• Assets under management: $3.37M
• Ticker: DOGS
• SEC CIK: 0001527428
• SEC series ID: S000059858
• Share class ID: C000195838

DOGS Investment Objective and Strategy

Arrow Dogs of the World ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Arrow Investments Trust.

Investment objective

The Fund seeks long-term capital appreciation by tracking the investment results of the AI Dogs of the World ex US Total Return Index (the Index).

Principal investment strategy

Under normal circumstances, substantially all of the Funds total assets will be invested in the component securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such component securities (e.g., depositary receipts, exchange traded instruments). Strictly in accordance with its guidelines and mandated procedures of the index provider, the index selection methodology consists of long positions in the equity markets of foreign countries exhibiting weaker momentum characteristics (worst performing countries over a designated period of time) among the foreign universe for the possibility of a mean reversion opportunity, or a move in equity market prices and returns back to its historical average. The foreign universe will be composed of countries from the developed, emerging market and frontier markets, excluding the United States.

There is no consideration given to the allocation among developed and emerging and frontier markets; the strategy of the Index will allocate among them depending on global price trends. In general, momentum is the tendency of an investment to exhibit persistence in its relative performance; a momentum style of investing emphasizes investing in securities that have had better performance compared to other securities. The Index selects securities based on a contrarian approach that looks for value in securities where a return reversal is expected during a rolling 12 month period for markets that previously experienced negative relative performance. Mean Reversion strategies prices and returns for the worst performing countries eventually move back toward the mean or average. On an annual basis, the Index will allocate among the five countries with the weakest relative strength among the countries in the investment universe.

The investment universe is currently comprised of 44 countries, but may range from 40-48 countries. The Index selects stock baskets representing the top 75% of the market capitalization for each country selected. The Index looks at a companys location and economic ties in determining its country designation. In general, weak relative strength is the tendency of an investment to exhibit persistence in its relative performance to a comparable universe over a period of time. The Index is looking for countries with the weakest relative strength among the countries in the investment universe. Arrow Investment Advisors, LLC (the Advisor) expects that, over time, the correlation between the Funds performance and that of the Index, before fees and expenses, will be 95% or higher. The Fund may concentrate its investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries.

Arrow Insights, a division of the Advisor, is the index provider. The Fund will generally use a replication strategy to seek to achieve its investment objective, meaning the Fund will invest in all of the component securities of the Index in the same approximate proportions as in the Index, but may, when the Advisor believes it is in the best interests of the Fund, use a representative sampling strategy, meaning the Fund may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole. The Fund may also invest its assets in cash and cash equivalents, other investment companies, as well as securities and other instruments not included in the Index but which the Advisor believes will help the Fund track the Index.

For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions and deletions).

DOGS Costs and Fees

DOGS costs about $134 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.34%
• Gross expense ratio: 3.71%
• Portfolio turnover: 100%
• Brokerage commissions: 16.21 bps of average net assets (SEC N-CEN)

DOGS Cashflows

Over the 12 months to 2020-04, Arrow Dogs of the World ETF had net inflows of $0, from monthly SEC N-PORT filings.

DOGS Debt Constituents

No individual debt constituents are reported in Arrow Dogs of the World ETF's latest SEC N-PORT filing.

DOGS Prospectus and SEC Filings

Official Arrow Dogs of the World ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-12-11
• Prospectus supplement (497) — filed 2019-11-25
• Prospectus supplement (497) — filed 2019-11-25
• Portfolio holdings (N-PORT) — filed 2020-06-26
• Annual census (N-CEN) — filed 2019-10-15
• Annual census (N-CEN) — filed 2018-10-15

Related Funds

Other Emerging Markets Value Equity funds tracked on ABC INVEST:

• iShares Emerging Markets Dividend ETF (DVYE)
• SPDR® S&P® Emerging Markets Dividend ETF (EDIV)
• Cambria Emerging Shareholder Yield ETF (EYLD)
• Fidelity Emerging Markets Multifactor ETF (FDEM)
• VictoryShares Emerging Markets Value Momentum ETF (UEVM)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.