GYLD Arrow Dow Jones Global Yield

This month Arrow Investment Advisors, LLC, the advisor to ArrowShares and Arrow Funds, is celebrating the one-year anniversary of the exchange traded fund (ETF) which they believe sets the standard for multi-asset, global yield investments. Since its debut on May 8, 2012 as the only fund to track the Dow Jones Global Composite Yield Index, the Arrow Dow Jones Global Yield ETF (NYSE: GYLD) has garnered more than $80 million in assets as investors continue to seek competitive yield in a challenging rate environment.

"We have seen that the majority of income-oriented investors today desire yield, but not necessarily at the expense of returns," says Joseph Barrato, CEO of Arrow Investment Advisors. "We advocate a global approach to yield that incorporates both traditional and alternative sources of income, along with growth potential."

As of the May 15, 2013 distribution, GYLD has delivered a total return of 18.60% since inception, with a 12-month yield of 6.34% and 30-Day SEC yield of 5.56%.(1)

                                                                 Inception
As of 5/15/2013        YTD      1-Month    3-Month    1-Year     (5/8/2012)
GYLD (NAV)            9.22%      2.58%      4.72%     22.64%       18.60%
DJ-GYLD Index         9.71%      2.95%      5.06%     22.93%       19.21%
S&P 500 Index        17.27%      7.09%      9.74%     27.55%       24.07%

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. ETFs are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage fees will reduce returns. Index returns assume reinvestment of distributions, but do not include fees or expenses. Indexes are generally not available for direct investment.

"In today's yield-starved world, it can be difficult to deliver competitive income without ratcheting up risk," says Tom Cahill, Managing Partner at Beaumont Financial Partners, LLC, who employs the Arrow Dow Jones Global Yield ETF (GYLD) as part of the equity income component of his clients' portfolios. "We appreciate GYLD's inherent diversification and the ability to gain exposure to a range of underlying strategies within one investment vehicle which can help mitigate single asset class risk associated with REITs and Master Limited Partnerships, for example."

At an expense ratio of 0.75%, the Arrow Dow Jones Global Yield ETF provides diversified, multi-asset global yield and growth exposure to Global Equities, Global Alternatives (including Master Limited Partnerships), Global Corporate Debt and Global Sovereign Debt through its benchmark -- the Dow Jones Global Composite Yield Index. To reduce concentration risk, the index is equally weighted among each of these five assets, and each asset class is also equally weighted among 30 holdings to total 150 securities. To ensure optimum investability, the index methodology follows a strict screening process with quarterly rebalancing.

"In addition to the broad diversification afforded by GYLD, we appreciate the way the portfolio is managed," says Bill Sowell, President of Sowell Management Services, a Third Party Management firm which uses the Arrow Dow Jones Global Yield ETF within its high net worth and ETF model portfolios. "GYLD's index is active by nature and offers efficient exposure to attractive sources of global yield."

About Arrow Investment Advisors: Arrow Investment Advisors, LLC, the advisor to ArrowShares, is an investment management firm dedicated to providing investment solutions, education and research to financial intermediaries. Arrow identifies and develops investment products that seek to enhance returns and mitigate risk. The firm is committed to delivering superior performance while providing the highest level of customer service. To learn more, visit www.ArrowShares.com.

(1)Total return includes price appreciation and distributions based on the fund's NAV since inception (5/8/2012). ETFs are bought and sold at market price (not NAV) therefore individual returns may vary depending on time of purchase, market price, and brokerage fees. 12-month yield is based on the cumulative monthly distributions over the previous year. SEC yield is a standardized calculation based on the holdings in the previous 30-day period. Distributions are generally made monthly and will vary depending on holdings and market fluctuation.

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.

Performance as of most recent quarter-end(1):

                                                                 Inception
As of 3/31/2013        YTD      1-Month    3-Month    1-Year     (5/8/2012)
GYLD (NAV)            4.69%      0.62%      4.69%       --         14.06%
DJ-GYLD Index         4.62%      0.41%      4.62%     14.10%       14.07%
S&P 500 Index        10.61%      3.75%     10.61%     13.96%       17.50%

For more recent performance, visit www.arrowshares.com or call (877) 277-6933.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. ETFs are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage fees will reduce returns. Index returns assume reinvestment of distributions, but do not include fees or expenses. Indexes are generally not available for direct investment.

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, differences in generally accepted accounting principles, economic differences and political instability. Emerging markets involve heightened risks related to the same factors as well as increased volatility and 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 due to such factors as corporate developments, interest rate sensitivity, negative perceptions whether factual or not, and adverse economic conditions. Master Limited Partnerships (MLPs) and Royalty Investment Trusts (RITs) have specific risks, including, among others, limited voting rights, energy demand, limited call rights of the general partner and changes in tax laws. In order to qualify for the tax treatment of a regulated investment company (RIC), the fund's exposure to MLPs cannot exceed 25%, or the fund may be subject to corporate tax status, which would reduce the overall performance. Investments in securities of real estate companies involve risks, including, among others, adverse changes in national, state or local real estate conditions domestically or abroad; obsolescence of properties; changes in the availability, cost and terms of mortgage funds; and the impact of changes in environmental or tax laws.

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 and "Dow Jones Indexes" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones"), have been licensed to CME Indexes and have been 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).

1199-NLD-5/16/2013