Fund Description: Arrow Dow Jones Global Yield ETF, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Arrow Investments Trust, formerly Northern Lights ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Arrow Dow Jones Global Yield ETF seeks to replicate as closely as possible, before fees and expenses, of the global bond market as defined by the Dow Jones Global Composite Yield Index. INDEX DESCRIPTION: The Dow Jones Global Composite Yield Index seeks to identify the 150 highest yielding investable securities in the world within three asset classes. Each type of security (i.e., equity, sovereign debt, corporate debt, real estate and energy securities) is equal weighted at 20% of the Index on rebalance and reconstitution dates and represented by approximately 30 component securities in the Index. The Index is rebalanced and reconstituted at the end of each calendar quarter. Between quarter-ends, the relative weights of the types of securities in the Index will fluctuate with changes in the component securities’ market values. Since the Index is composed of securities of all five types, there may be times when lower yielding securities of one type are selected for the Index and higher yielding securities of another type are not. The Index aggregates five different sub-indexes to identify its component securities, one sub-index for each type of security. The component securities of each sub-index are equal-weighted. The equity, real estate and energy sub-indexes are rebalanced quarterly and reconstituted annually. The sovereign and corporate debt sub-indexes are rebalanced and reconstituted quarterly. Securities in the Index may include securities from developed or emerging market countries and securities of any credit quality, including junk bonds. Preferred stocks, other debt securities, convertible securities and sovereign debt securities may be rated by credit rating agencies and their ratings may be considered by the Index’s methodology. FUND STRATEGY: The Fund uses a passive or indexing investment approach to seek to track the price and yield performance of the Index. Unlike many investment companies, the Fund does not try to beat the Index and does not seek temporary defensive positions when markets decline. Under normal circumstances, the Fund invests at least 80% of its total assets in the component securities of the Index (or depositary receipts representing those securities). The Fund may be concentrated in an industry or group of industries or in a sector to the extent the Index is concentrated in an industry or group of industries or sector. Although it is expected that the Fund will invest in all of the positions in the Index in the same weight as they appear in the Index (i.e., replicate the Index), the Fund may use a sampling methodology to seek its investment objective. Sampling involves using a quantitative analysis to select securities that in the aggregate have investment characteristics resembling the Index in terms of key risk factors, performance attributes and other characteristics. The Fund may invest up to 20% of its total assets in instruments that are not component securities of the Index, including other exchange-traded funds. FUND MANAGEMENT: Arrow Investment Advisors, LLC serves as the investment adviser to the Fund.