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Arrow Dow Jones Global Yield ETF
NYSE: GYLD

IMPORTANT DOCUMENTS

View the Prospectus
View the Summary Prospectus
View the Statement of Additional Information


For more information, please call toll free: 877.277.6933 (Option 1)

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 fund's investment objective, charges, expenses and risks 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. Distributed by Northern Lights Distributors, LLC (member FINRA). Northern Lights Distributors, LLC is an unaffiliated entity from Arrow Investment Advisors, LLC.

The Arrow Dow Jones Global Yield ETF may not be suitable for all investors. The fund is new and has a limited performance record. The 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 fluctuations. International investments may involve additional risks, including, but not limited to, currency fluctuation, 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 often higher risk investments which may be subject to greater volatility. Master Limited Partnerships (MLPs) and Canadian Royalty Trusts (CRTs) have specific 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 fund's 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 reflect 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 IndexSM 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 IndexSM 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 affiliates and Dow Jones, CME Indexes and their respective affiliates make no representation regarding the advisability of investing in such product(s).

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2014 © 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. Arrow Shares and Northern Lights Distributors, LLC are not affiliated.

0643-NLD-4/30/2012