I seen some of these about two years ago so I decided to make one myself. I made one with deer antler and a G5 B-52 2 blade broadhead.
The ones I seen had arrow inserts in them,,,,well I didn't like that idea because the head always wanted to twist when I used it. So I glued my heads in to stay, with no insert. Made a very simple sheath at first,,,it worked great from me for over a year. I decided to make a new sheath about two weeks ago since I had the time(laid off). I put a belt loop on it too, to put it on my hunting belt with my side quiver. It runs with the belt not up and down like most sheaths.