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Arrow Dow Jones Global Yield ETF

Overview
Performance
Holdings
Distributions
Premium/Discount

The 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.

Profile		Market Data	as of 05/23/2013
Symbol	GYLD	NAV Price	$26.95
Exchange	NYSE Arca	NAV Price Change	$-0.30
Inception Date	05/08/2012	Market Price¹	$27.11
Cusip	66537H105	Market Price Change	$-0.51
Related Index	Dow Jones Global Composite Yield Total Return Index	Premium/Discount	0.16
Expense Ratio	0.75%	Shares Outstanding	3,000,000
IOPV Ticker	GYLD.IV	Volume	114,013
Related Index Ticker	DJGYLDT	Total Net Assets	$80,850,000.00

Index Category Exposure*	as of 05/23/2013	Analytics
Global Alternative	19.61%	30-Day SEC Yield²	5.56%
Global Corporate Debt	19.93%	Distribution Yield²	6.34%
Global Equity	20.27%	View all distributions
Global Real Estate	19.99%
Global Sovereign Debt	20.17%
View all holdings

*Holdings are subject to change.

¹Bid/Ask Midpoint as of market close.

²SEC Yield and Distibution Yield calculations are based on most recent Ex-Date. 12-month yield is based on the cumulative distributions over the previous year.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results.

ArrowShares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. ET when NAV is normally determined for most ArrowShares, and do not represent the returns you would receive if you traded shares at other times.

Certain sectors and markets perform exceptionally well based on current market conditions and ArrowShares can benefit from that performance. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such results will be repeated.

Glossary of Terms

Market Data

Daily Month-End Quarter-End as of

	Total Returns (%)*
	NAV	Market Price¹	Index
YTD	7.90	6.06	8.51
1 Month	0.40	-0.87	0.92
3 Months	4.70	3.32	5.06
6 Months	10.41	8.59	11.09
1 Year	24.51	21.52	24.94
3 Years	0.00	0.00	0.00
5 Years	0.00	0.00	0.00
10 Years	0.00	0.00	0.00
Since Inception (05/08/2012)	16.80	14.04	17.54

Calendar Year Returns
	Total Returns (%)*
	NAV	Market Price¹	Index
2012²	8.94	8.10	9.03
2013	N/A	N/A	N/A

Fee & Expenses
Expense Type	Amount
Management Fees	0.75
Acquired Fees & Expenses³	0.00
Total Annual Fund Operating Expenses	0.75

*Periods under 1 year are not annualized

¹Bid/Ask Midpoint as of market close.

²Reflects partial calendar year 5/8/2012-12/31/2012.

³"Acquired Fund Fees and Expenses" reflect the fund's pro rata share of the indirect fees and expenses incurred by investing in one or more acquired funds, such as mutual funds, business development companies, or other pooled investment vehicles. Acquired fund fees and expenses are reflected in the prices of the acquired funds and thus included in the total returns of the fund.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results.

Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

ArrowShares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

Index returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Total returns for the periods since inception are calculated from the inception date of the fund. "Average annual total returns" represent the average annual change in value of an investment over the period indicated. "Cumulative total returns" represent the total change in value of an investment over the periods indicated.

Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. ET when NAV is normally determined for most ArrowShares, and do not represent the returns you would receive if you traded shares at other times.

Holdings as of 05/23/2013 (Holdings are subject to change)

Equity	59.87%
Fixed Income	40.11%
Cash	0.02%
*May include dividends booked but not yet received.

Symbol	Name	% Net Assets	Market Value ($)	Security ID	Country	Index Category
SGTPY	SURGUTNEFTEGAZ JSC	1.12	$887,714	868861105	RU	Alternative
KPN NA	KON KPN NV	1.06	$843,925	5956078	NL	Equity
MMLP	MARTIN MIDSTREAM PRTNRS L P	0.79	$625,194	573331105	US	Alternative
FROTO TI	FORD OTOSAN	0.77	$612,001	B03MSR5	TR	Equity
303 HK	VTECH HLDGS	0.77	$608,996	6928560	BM	Equity
HPT	HOSPITALITY PPTYS TR	0.76	$606,970	44106M102	US	Real Estate
CQP	CHENIERE ENERGY PARTNERS LP	0.76	$602,805	16411Q101	US	Alternative
EXLP	EXTERRAN PARTNERS LP	0.76	$600,647	30225N105	US	Alternative
IRC	INLAND REAL ESTATE CORP	0.75	$594,731	457461200	US	Real Estate
TPS PW	TELEKOMUNIKACJA PO	0.74	$591,450	5552551	PL	Equity
CPLP	CAPITAL PRODUCT PARTNERS L P	0.73	$582,403	Y11082107	MH	Alternative
CPL	CPFL ENERGIA S A	0.73	$581,591	126153105	BR	Equity
PVR	PVR PARTNERS L P	0.72	$575,420	693665101	US	Alternative
NEO FP	NEOPOST	0.72	$572,154	5617096	FR	Equity
RRD	DONNELLEY R R & SONS CO	0.72	$569,721	257867101	US	Equity
DTE GR	DEUTSCHE TELEKOM	0.72	$568,629	5842359	DE	Equity
SUI	SUN CMNTYS INC	0.71	$561,792	866674104	US	Real Estate
CTL	CENTURYLINK INC	0.70	$558,568	156700106	US	Equity
VASTN NA	VASTNED RETAIL	0.70	$557,933	4927194	NL	Real Estate
	BEST BUY INC	0.70	$557,590	086516AL5	US	Corporate Debt
BA CN	BELL ALIANT INC	0.70	$556,803	B3MR9L3	CA	Equity
SPH	SUBURBAN PROPANE PARTNERS L P	0.70	$556,255	864482104	US	Alternative
FCOT SP	FRASERS COMMERCIAL	0.70	$555,913	B11HJT8	SG	Real Estate
BEFB B	BEFIMMO SCA	0.70	$555,713	4082628	BE	Real Estate
MCEP	MID CON ENERGY PARTNERS LP	0.70	$554,219	59560V109	US	Alternative
SYD AU	SYDNEY AIRPRT	0.69	$552,161	B70DWB2	AU	Equity
SNH	SENIOR HSG PPTYS TR	0.69	$552,154	81721M109	US	Real Estate
	HUNGARY REP	0.69	$551,531	445545AF3	HU	Sovereign Debt
	HUNGARY REP	0.69	$551,425	445545AG1	HU	Sovereign Debt
FDR FP	FONCIERE DES REGIO	0.69	$550,542	7745638	FR	Real Estate
BWP AU	BWP TRUST	0.69	$549,915	6127453	AU	Real Estate
	PORTUGAL(REP OF)	0.69	$548,627	B11VGY4	PT	Sovereign Debt
	COLOMBIA REP	0.69	$547,780	195325BM6	CO	Sovereign Debt
FGP	FERRELLGAS PARTNERS L.P.	0.69	$547,160	315293100	US	Alternative
	HUNGARY REP	0.69	$546,015	445545AH9	HU	Sovereign Debt
808 HK	PROSPERITY REAL ES	0.69	$545,211	B0PVBN7	HK	Real Estate
	WPX ENERGY INC	0.69	$545,158	98212BAD5	US	Corporate Debt
	SPAIN(KINGDOM OF)	0.68	$544,290	B6QP0Y4	ES	Sovereign Debt
	REPUBLIC OF TURKEY	0.68	$543,720	900123CA6	TR	Sovereign Debt
604 HK	SHENZHEN INVESTMEN	0.68	$543,593	6535261	HK	Equity
MLT SP	MAPLETREE LOGISTIC	0.68	$543,495	B0D6P43	SG	Real Estate
TEL NZ	TELECOM CORP OF NZ	0.68	$543,248	6881436	NZ	Equity
	ITALY(REP OF)	0.68	$543,025	B4143G5	IT	Sovereign Debt
AX-U CN	ARTIS REAL ESTATE INVT TR	0.68	$542,889	B0XZXV3	CA	Real Estate
	CENTURYLINK INC	0.68	$542,605	156700AS5	US	Corporate Debt
	IRELAND(REP OF)	0.68	$541,467	B60Z619	IE	Sovereign Debt
	NEWFIELD EXPL CO	0.68	$541,420	651290AQ1	US	Corporate Debt
	ITALY(REP OF)	0.68	$541,207	B66YTQ6	IT	Sovereign Debt
	ROYAL BK OF SCOTLAND PLC	0.68	$540,901	780099CE5	GB	Corporate Debt
	GOODYEAR TIRE & RUBR CO	0.68	$540,600	382550BD2	US	Corporate Debt
	IRON MTN INC DEL	0.68	$540,270	46284PAP9	US	Corporate Debt
	SOUTH AFRICA REP	0.68	$539,970	836205AP9	ZA	Sovereign Debt
	SPAIN(KINGDOM OF)	0.68	$539,642	B5SNSG7	ES	Sovereign Debt
CHKR	CHESAPEAKE GRANITE WASH TR	0.68	$538,747	165185109	US	Alternative
	IRELAND(REP OF)	0.68	$538,482	B4TV0D4	IE	Sovereign Debt
	FRONTIER COMMUNICATIONS CORP	0.68	$538,230	35906AAH1	US	Corporate Debt
	PORTUGAL(REP OF)	0.68	$538,205	B638JX8	PT	Sovereign Debt
	CCO HLDGS LLC / CCO HLDGS CAP	0.68	$538,160	1248EPAU7	US	Corporate Debt
CPL SJ	CAPITAL PROPERTY F	0.68	$538,048	6176239	ZA	Real Estate
	PORTUGAL(REP OF)	0.68	$536,937	B3S2Q66	PT	Sovereign Debt
	HUNGARY REP	0.67	$536,659	445545AE6	HU	Sovereign Debt
	CHESAPEAKE ENERGY CORP	0.67	$535,620	165167CF2	US	Corporate Debt
ETP	ENERGY TRANSFER PRTNRS L P	0.67	$535,554	29273R109	US	Alternative
LGCY	LEGACY RESERVES LP	0.67	$535,477	524707304	US	Alternative
	ITALY(REP OF)	0.67	$535,285	B79SZV9	IT	Sovereign Debt
	POST HLDGS INC	0.67	$534,310	737446AB0	US	Corporate Debt
	SPAIN(KINGDOM OF)	0.67	$533,674	B6W31Q1	ES	Sovereign Debt
ARG NZ	ARGOSY PROPERTY LT	0.67	$533,553	B6ZFBN1	NZ	Real Estate
	DOLPHIN SUBSIDIARY II INC	0.67	$531,920	256882AD3	US	Corporate Debt
	NOKIA CORP	0.67	$531,900	654902AB1	FI	Corporate Debt
	VIASAT INC	0.67	$530,425	92552VAF7	US	Corporate Debt
WHA NA	WERELDHAVE NV	0.67	$530,130	4948623	NL	Real Estate
	REPUBLIC OF TURKEY	0.67	$529,875	900123BH2	TR	Sovereign Debt
	PRECISION DRILLING CORP	0.67	$529,480	740212AC9	CA	Corporate Debt
	SPAIN(KINGDOM OF)	0.67	$529,240	B6305Y7	ES	Sovereign Debt
	VENEZUELA REP	0.67	$528,900	922646BM5	VE	Sovereign Debt
	ENDO HEALTH SOLUTIONS INC	0.66	$528,525	29264FAG1	US	Corporate Debt
SUN SP	SUNTEC REIT	0.66	$527,986	B04PZ72	SG	Real Estate
	REPUBLIC OF TURKEY	0.66	$527,625	900123BJ8	TR	Sovereign Debt
	SOUTH AFRICA REP	0.66	$527,609	836205AQ7	ZA	Sovereign Debt
	PORTUGAL(REP OF)	0.66	$527,571	B1WK5W1	PT	Sovereign Debt
GMT NZ	GOODMAN PROP TRUST	0.66	$527,428	6299192	NZ	Real Estate
NMM	NAVIOS MARITIME PARTNERS L P	0.66	$527,094	Y62267102	MH	Alternative
ABP AU	ABACUS PROPERTY GR	0.66	$526,866	6565707	AU	Real Estate
CWC LN	CABLE & WIRE COMM	0.66	$526,438	B5KKT96	GB	Equity
CGL LN	CATLIN GROUP	0.66	$526,216	B00LBS7	BM	Equity
	DENBURY RES INC DEL	0.66	$525,990	24823UAH1	US	Corporate Debt
	HUNGARY REP	0.66	$525,866	445545AC0	HU	Sovereign Debt
	ENERGY TRANSFER EQUITY L P	0.66	$525,330	29273VAC4	US	Corporate Debt
	REYNOLDS GROUP ISSUER LLC	0.66	$524,270	761735AP4	US	Corporate Debt
PNG	PAA NAT GAS STORAGE L P	0.66	$524,182	693139107	US	Alternative
	PEABODY ENERGY CORP	0.66	$523,640	704549AM6	US	Corporate Debt
GLP	GLOBAL PARTNERS LP	0.66	$523,228	37946R109	US	Alternative
	DONNELLEY R R & SONS CO	0.66	$523,200	257867AX9	US	Corporate Debt
	GULFMARK OFFSHORE INC	0.66	$522,580	402629AG4	US	Corporate Debt
CQR AU	CHARTER HALL RETAI	0.66	$522,123	6225595	AU	Real Estate
PER	SANDRIDGE PERMIAN TR	0.66	$521,648	80007A102	US	Alternative
	PETROLEOS DE VENEZ	0.65	$519,884	B5BQGP8	VE	Corporate Debt
SAN SM	BANCO SANTANDER	0.65	$519,715	5705946	ES	Equity
TLS AU	TELSTRA CORP LTD	0.65	$519,481	6087289	AU	Equity
	AMERIGAS FIN CORP / LLC	0.65	$519,350	03077JAB6	US	Corporate Debt
	PANAMA REP	0.65	$518,760	698299AW4	PA	Sovereign Debt
SAC SJ	SA CORP REAL ESTAT	0.65	$518,596	6911225	ZA	Real Estate
SYC SJ	SYCOM PROPERTY FD	0.65	$518,535	6869045	ZA	Real Estate
SGREIT SP	STARHILL GLOBAL	0.65	$518,509	B0HZGR6	SG	Real Estate
	ARCELORMITTAL SA LUXEMBOURG	0.65	$518,340	03938LAU8	LU	Corporate Debt
EDP PL	EDP-ENERGIAS PORTU	0.65	$518,150	4103596	PT	Equity
QRE	QR ENERGY LP	0.65	$517,945	74734R108	US	Alternative
MBT	MOBILE TELESYSTEMS OJSC	0.65	$517,275	607409109	RU	Equity
	VENEZUELA(REP OF)	0.65	$517,041	B07CTC3	VE	Sovereign Debt
	UNITED STATES STL CORP NEW	0.65	$515,185	912909AF5	US	Corporate Debt
	KEY ENERGY SVCS INC	0.65	$514,855	492914AS5	US	Corporate Debt
CREIT SP	CAMBRIDGE INDUSTRI	0.65	$514,782	B18TLR9	SG	Real Estate
SDT	SANDRIDGE MISSISSIPPIAN TR I	0.65	$514,514	80007T101	US	Alternative
	BRAZIL FEDERATIVE REP	0.65	$514,152	105756BR0	BR	Sovereign Debt
STON	STONEMOR PARTNERS L P	0.65	$513,073	86183Q100	US	Alternative
	VENEZUELA REP	0.64	$511,750	922646AT1	VE	Sovereign Debt
	UNITED MEXICAN STS MTN BE	0.64	$511,680	91086QBB3	MX	Sovereign Debt
	BERRY PETE CO	0.64	$510,620	085789AF2	US	Corporate Debt
FTE FP	FRANCE TELECOM	0.64	$510,286	5176177	FR	Equity
NRP	NATURAL RESOURCE PARTNERS L P	0.64	$508,470	63900P103	US	Alternative
TNH	TERRA NITROGEN CO L P	0.64	$508,307	881005201	US	Alternative
	PETROLEOS DE VENEZ	0.64	$508,222	B5B82G7	VE	Corporate Debt
IOF AU	INVESTA OFFICE FD	0.64	$507,791	6205694	AU	Real Estate
KIP NZ	KIWI INC PROP TST	0.63	$502,214	6495172	NZ	Real Estate
BBEP	BREITBURN ENERGY PARTNERS LP	0.63	$501,617	106776107	US	Alternative
CORA NA	CORIO NV	0.63	$501,121	4929286	NL	Real Estate
SPTT CP	TELEFONICA CZECH R	0.63	$500,884	5272569	CZ	Equity
	DISH DBS CORP	0.63	$499,380	25470XAJ4	US	Corporate Debt
NAB AU	NATL AUSTRALIA BK	0.63	$498,235	6624608	AU	Equity
CFX AU	CFS RETAIL PROP	0.63	$497,697	6361370	AU	Real Estate
RWE GR	RWE AG	0.62	$494,753	4768962	DE	Equity
TCP	TC PIPELINES LP	0.62	$492,547	87233Q108	US	Alternative
FPT SJ	FOUNTAINHEAD PROP	0.62	$492,446	6838863	ZA	Real Estate
UAN	CVR PARTNERS LP	0.62	$490,612	126633106	US	Alternative
VIV FP	VIVENDI SA	0.61	$486,021	4834777	FR	Equity
WHZ	WHITING USA TR II	0.61	$483,570	966388100	US	Alternative
NS	NUSTAR ENERGY LP	0.61	$482,836	67058H102	US	Alternative
EN FP	BOUYGUES	0.61	$482,682	4002121	FR	Equity
MTELEKOM HB	MAGYAR TELEKOM	0.60	$477,990	4577469	HU	Equity
MOBB BB	MOBISTAR	0.60	$475,754	5541979	BE	Equity
ITMG IJ	INDO TAMBANGRAY	0.60	$475,744	B29SK75	ID	Equity
KGH PW	KGHM POLSKA MIEDZ	0.60	$473,200	5263251	PL	Equity
CLMT	CALUMET SPECIALTY PRODS PTNRS	0.59	$472,811	131476103	US	Alternative
CWH	COMMONWEALTH REIT	0.59	$469,765	203233101	US	Real Estate
LRE	LRR ENERGY LP	0.57	$452,494	50214A104	US	Alternative
8972 JP	KENEDIX REALTY INV	0.55	$441,110	B0C5Q59	JP	Real Estate
NTI	NORTHERN TIER ENERGY LP	0.54	$427,630	665826103	US	Alternative
DJS AU	DAVID JONES	0.53	$425,191	6256465	AU	Equity

Export holdings

NOTE: Holdings and percent net assets are based on security assets, ex-cash and receivables (unpaid interest and dividends).

Total allocation percentages may not equal 100% due to rounding, omission of holdings of less than 0.1%, cash, or receivables.

Premium/Discount as of 05/23/2013

NAV	Market Price*	Premium/Discount	Trading Volume	30-Day Average Volume
$26.95	$27.11	0.59%	114,013	54,730

Historical Data
Select a quarter
Greatest Premium MM/DD/YYYY	XX.XXXX%
Greatest Discount MM/DD/YYYY	XX.XXXX%
Days Within Percent of NAV
+0.5% & -0.5%	XXX
+0.5% & -0.5%	XX.XX%
Number of Days At
Premium	XXX
NAV	XXX
Discount	XXX

Export historical NAV/Market Price

*Bid/Ask Midpoint as of market close.

NAV and Market Price are usually calculated at 4:00 p.m. ET. Please refer to the ArrowShare's prospectus for more details on NAV determination.

Description
The above chart presents information about the difference between the daily market price for shares of the ArrowShare and the ArrowShare's net asset value. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the ArrowShare's NAV is calculated (usually 4:00 p.m. ET). The vertical axis of the chart shows the premium or discount expressed as a percentage of NAV. The horizontal axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the ArrowShare traded within the premium/discount range indicated. Although market makers will generally take advantage of differences between the NAV and the trading price of ArrowShare shares through arbitrage opportunities, there is no guarantee that they will do so.

Why is there a difference between NAV and Market Price?
A major reason for the difference is that timing discrepancies can exist between the NAV and Market Price (Bid/Ask Midpoint) reported above. Information is constantly flowing to and among investors, corporations, and financial institutions that affects their outlook on the financial markets and the value of securities. This process, known as price discovery, is why market prices change and evolve throughout the trading day. It is important to note that even when markets are closed, the price discovery process continues 24 hours a day, 7 days a week, 365 days a year.

Possible Timing Discrepancies:

Close of Trading Times: The NAV of the ArrowShares normally is calculated using prices as of 4:00 p.m. ET. Each ArrowShare normally trades on its respective stock exchange until 4:00 p.m. ET.
Time of Last Trade: Trading generally takes place throughout the normal trading hours for ArrowShares on the listing exchange on which it is listed (generally 9:30 a.m. - 4:00 p.m. ET). At times, many trades are placed in rapid succession. At other times, little or no trading activity is taking place. It is important to note that the date/time of the last trade (which is recorded as the Closing Price) may not take place at exactly 4:00 p.m. ET when the ArrowShares normally calculate NAV. The date/time of the last trade sometimes may occur before 4:00 p.m. ET. Thus, ongoing price discovery may result in a deviation between the price recorded as the Closing Price and the NAV of the ArrowShare shares calculated at 4:00 p.m. ET.

Glossary of Terms



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2013 © Arrow Investment Advisors Before investing, please read the Fund's prospectus and shareholder reports to learn about its investment strategy and potential risks. Mutual Fund investing involves risk including loss of principal. An investor should also consider the Fund's investment objective, charges, expenses, and risk carefully before investing. This and other information about the fund is contained in the fund's prospectus, which can be obtained by calling 1-877-277-6933. Please read the prospectus carefully before investing. Distributed by Northern Lights Distributors, LLC, member FINRA. 0643-NLD-4/30/2012