HIGHLIGHTS

Provides global exposure to t

traditional and alternative
sources of yield
Equal-weighted to reduce t
over-exposure to individual
securities, as typically
experienced by cap-weighted
indexes
Index methodology follows a t
strict screening process with
quarterly rebalancing

FUND DETAILS
Inception Date: 5/8/2012
Management Fee: 0.75%
Net Assets: N/A
Distributions: Monthly
Ticker: GYLD
Exchange: NYSE Arca
CUSIP: 66537H105
IOPV Ticker: GYLD.IV
IOPV (Indicative Optimized
Portfolio Value) is a calculation
disseminated by the stock exchange
that approximates the funds NAV
every 15 seconds throughout the
trading day.
INDEX DETAILS
Composite Yield: 7.43%
Methodology: Equal Weight
Rebalance: Quarterly
Reconstitution: Annual
Total # of Holdings: 150
Past performance is not
indicative of future results.
Index data subject to change
with market uctuation and
may dier from published
data. Index performance is not
the same as fund performance.
Indexes are unmanaged, do not
include fees and are not available
for direct investment.

Arrow Dow Jones Global Yield ETF seeks investment results that correspond
generally to the price and yield performance, before fees and expenses, of the Dow
Jones Global Composite Yield Index.
Index Description: e Dow Jones Global Composite Yield Index is a multi-asset
class composite index comprised of equally weighted exposure across ve global
yield categories:
AS ExcnnNcv Tnnovo Sotc1:oNs
Targeting Yield: e Dow Jones Global Composite Yield Index sources its yield
from equally weighted exposure to ve sub-indexes. ree of the sub-indexes are
equity-based and reect dividend distributions. e equity index baskets provide
global exposure to corporate stocks, real estate, and alternative assets through
energy-related preferred stocks, Master Limited Partnerships (MLPs) and Canadian
Royalty Trusts (CRTs). e other two sub-indexes are comprised of global corporate
and government xed income securities and generate yield from the interest
payments of the underlying bonds.
Hedged Equity
Fixed Income
Arbitrage
Managed
Futures
Past performance is not indicative of future results. Composite yield is based on the average
yield of the ve sub-categories, subject to change. Indexes are unmanaged, do not include
fees and are not available for direct investment.
Global
Equity
Global
Real Estate
Global
Alternative
Global
Corporate
Debt
Global
Sovereign
Debt
Dow Jones Global
Composite Yield Index
Equally weighted across t
nve sub-indexes with a 20%
allocation to each basket
Equally weighted with t
30 holdings in each basket
(150 total holdings)
Composition based on target rebalance weights,
subject to change with market uctuation.
Annow Dow JoNvs
G:onn: Y:v:u ETF
NYSE ARCA
GYLD
DATA AS OF 3/31/2012
Sub-Category Yields
5.82% Global Equity
6.45% Global Real Estate
7.91% Global Alternative (Energy, MLPs, CRTs)
7.88% Global Corporate Debt
9.09% Global Sovereign Debt
Composite Yield
7.43%
{
Before investing, please read the prospectus and shareholder reports to learn about the investment strategy and potential risks. Investing
involves risks, including the potential for loss of principal. An investor should consider the funds investment objective, charges, expenses and
risks carefully before investing. is and other information about the fund is contained in the funds prospectus, which can be obtained
by calling 1-877-277-6933. Distributed by Northern Lights Distributors, LLC (member FINRA). Northern Lights Distributors, LLC is an
unaliated entity from Arrow Investment Advisors, LLC.
Te Arrow Dow Jones Global Yield ETF may not be suitable for all investors. e fund is new and has a limited performance record.
e fund may not replicate the exact performance of the benchmark because of fees, expenses, trading costs and portfolio tracking error.
Exchange traded products are bought and sold at market price, not NAV, and are not individually redeemed from the fund. Buying
and selling shares generally results in brokerage commissions which will reduce returns. Fixed income securities may be subject to risks
associated with interest rate uctuations. International investments may involve additional risks, including, but not limited to, currency
uctuation, accounting methods, and geopolitical instability. Emerging markets involve heightened risks related to the same factors as
well as increased volatility and potentially lower trading volume. Changes in laws, domestically or abroad, could result in the inability of
the fund to operate as described in the prospectus. Narrowly focused investments may be subject to higher volatility. High yielding stocks
and non-investment grade bonds are oen higher risk investments which may be subject to greater volatility. Master Limited Partnerships
(MLPs) and Royalty Investment Trusts (RITs) have specic risks, including, among others, limited voting rights, energy demand, limited
call rights of the general partner, and tax law changes. In order to qualify for the tax treatment of a regulated investment company (RIC)
the funds exposure to MLPs can not exceed 25%, or may be subject to corporate taxes which would reduce performance. Investments in
securities of real estate companies involves risks including, among others, adverse changes in real estate conditions domestically or abroad,
availability or obsolescence of properties, cost and terms of mortgages, and changes of laws.
Past performance is not indicative of future results. Index performance is not the same as fund performance as it does not reect
management and other fees. Estimated back-tested historical data represents calculations of how the index might have performed in the
past if it had existed. Back-tested performance information is purely hypothetical and is solely for informational purposes. Back-tested
performance does not represent actual performance, and should not be interpreted as an indication of actual performance.

Dow Jones Global Composite Yield Index
SM
is a product of Dow Jones Indexes, the marketing name and licensed trademark of CME
Group Index Services LLC (CME Indexes) and has been licensed for use. Dow Jones, Dow Jones Global Composite Yield Index
SM
and
Dow Jones Indexes are service marks of Dow Jones Trademark Holdings, LLC (Dow Jones ), have been licensed to CME Indexes and
have sublicensed for use for certain purposes by ArrowShares, the exchange traded product line of Arrow Funds. Funds based on the Dow
Jones Indexes are not sponsored, endorsed, issued, sold or promoted by Dow Jones, CME Indexes or their respective aliates and Dow
Jones, CME Indexes and their respective aliates make no representation regarding the advisability of investing in such product(s).
For additional information, please call (877) 277-6933
or visit our website at www.arrowshares.com
Annow Dow JoNvs G:onn: Y:v:u ETF (GYLD)
Index Composition (As of 3/31/2012)
Currency Exposure
United States 40.0%
Australia 7.3%
Singapore 4.0%
Hungary 3.3%
Portugal 3.3%
Venezuela 3.3%
New Zealand 2.7%
South Africa 2.7%
Canada 2.7%
Other 30.7%
Sector Exposure Country Exposure
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0667-NLD-5/2/2012
Financial 28.0%
Communications 16.0%
Energy 12.7%
Consumer, Cyclical 4.7%
Basic Materials 4.7%
Industrial 4.0%
Utilities 4.0%
Consumer, Non-cyclical 4.0%
Technology 1.3%
Other (Government) 20.7%
US Dollar 56.0%
Euro 16.7%
Australian Dollar 7.3%
Singapore Dollar 4.0%
British Pound 2.7%
New Zealand Dollar 2.7%
South African Rand 2.7%
Hong Kong Dollar 2.0%
Canadian Dollar 2.0%
Other 4.0%