DWA Tactical: Macro ETF (DWAT)

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Arrow DWA Tactical: Macro ETF

Overview
Performance
Holdings
Distributions
Premium/Discount

Arrow DWA Tactical: Macro ETF
A Systematic RS Global Macro Strategy

Investment Strategy
Seeks long term capital appreciation with capital preservation as a secondary objective. The Fund seeks to achieve its investment objective by implementing a proprietary Relative Strength (RS) Global Macro model developed by Dorsey Wright & Associates (DWA). Based on the technical analysis and relative strength expertise of Dorsey Wright & Associates.

Fund Highlights

Provides access to a tactical global macro strategy using long and
inverse exposure to U.S. and international stocks with global
exposure to fixed income, commodities and currencies

Gives access to the technical analysis expertise of Dorsey Wright
& Associates

Core strategy with a strict relative strength buy and sell discipline

Who Should Invest?

Designed for investors who have an investment time horizon of at least five years

A fund that has flexibility to narrow its focus by investing among a wide range of global asset classes, rotation
strategies and ETFs

An actively managed alternative to strategic asset allocation funds, target maturity funds and life cycle funds that fall
into the tactical global macro category

ETF Materials

Fact Sheet / Prospectus

Fund Presentation

Summary Prospectus

Arrow DWA Tactical: Macro Fund

Investment Overview
Based on the DWA RS Global Macro investment model, the Arrow DWA Tactical: Macro ETF, previously Arrow DWA Tactical ETF uses a systematic process to continuously seek relative strength across multiple global markets. Using a strict buy/sell discipline, the Fund accesses the global market segments primarily through the use of Exchange Traded Funds (ETFs).

Market Segment	Description	Min	Max
Equities	Provides long/short exposure to domestic, international and emerging market equities. Short (or inverse) exposure will generally not exceed an allocation of 30%.	0%	100%
Fixed Income	Provides exposure to domestic, international, and emerging fixed income markets, including corporate, government, and agency bonds.	0%	100%
Alternatives	Includes global exposure to real estate, currencies, and commodities. Allocations will generally not exceed 30% for each of these individual alternative strategies.	0%	90%

Multiple Global Asset Exposure
With fewer constraints, Global Macro strategies are able to pursue a targeted investing style. The goal of the Fund is to systematically identify and provide exposure to leading global market strategies. The following table highlights the global macro strategies that are monitored within the three market segments.

Equities		Fixed Income					Alternatives
U.S. Style Rotation U.S. Sector Rotation International Rotation Global Dividend Global Alpha Global Inverse		Global Inflation U.S. Treasury Rotation Global Income					Commodity Rotation Currency Rotation Global REIT

The fund may use futures to provide exposure to these strategies.

Profile		Market Data	as of 03/17/2023
Symbol	DWAT	NAV Price	$9.46
Exchange	CBOE	NAV Price Change	$-9.00
Inception Date	10/01/2014	Market Price¹	$9.47
Cusip	042765792	Market Price Change	$-0.11
Net Expense Ratio²	1.66%	Premium/Discount	1.39
IOPV Ticker	DWAT.IV	Shares Outstanding	300,000
		Volume	3
		Total Net Assets	$2,838,000.00

30-Day Median Bid-Ask Spread³	0.86%
Gross Expense Ratio²	2.70%

Arrow DWA Tactical: Macro ETF may not be suitable for all investors. 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. The market price may be higher (premium) or lower (discount) than the Net Asset Value (NAV). The fund may invest in commodity-related securities, which may be subject to greater volatility than investments in traditional securities. The fund may invest in international and emerging market securities, which may be subject to special risks including fluctuations in currency, government regulation, differences in accounting standards and liquidity. Investing in small-cap securities may have special risks, including wider variations in earnings and business prospects than larger, more established companies. The fund may invest in real estate-related securities, which may be subject to mortgage-related risks and real estate market fluctuations. The fund may invest in fixed income securities, which are subject to risks including interest rate, credit and inflation.

*Holdings are subject to change. Holdings and percent of assets are based on security assets only, not including cash or receivables (unpaid interest and dividends).

¹Market Price as of market close.

²Total operating expenses (management fee and other expenses) are capped at 1.40% by a contractual waiver effective through 4/30/2023, subject to cap removal by Board approval upon 60 days notice. Before the fee cap, management fees are 0.90% and other expenses are 2.70% (fee waiver -2.20%). With acquired fund expenses of 0.29% and an operating fee cap of 1.40%, total fund expenses are 1.69%. Acquired fund fees will vary depending on the underlying investments and are not a direct expense of the fund.

³Data shown as of previous business day.

Past performance is no guarantee of future results. 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.

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

Market price returns are based upon the official closing price of the ETF share at market close, and do not represent the returns you would receive if you traded shares at other times.

Glossary of Terms

Market Data

Daily Month-End Quarter-End as of

	Total Returns (%)*
	NAV	Market Price¹
YTD	-8.78	-9.03
1 Month	-8.16	-8.18
3 Months	-7.28	-7.37
6 Months	-8.78	-8.42
1 Year	-12.57	-11.61
3 Years	12.05	15.60
5 Years	2.16	2.72
10 Years	0.00	0.00
Since Inception (10/01/2014)*	4.29	4.63

Calendar Year Returns
	Total Returns (%)*
	NAV	Market Price¹
2014²	6.65	6.65
2015	-5.40	-5.38
2016	5.00	5.00
2017	16.32	16.53
2018	-11.62	-12.13
2019	17.25	15.97
2020	9.12	11.85
2021	12.19	14.08

Fee & Expenses
Expense Type	Amount
Management Fees	0.90
Other Expenses	2.70
Acquired Fees	0.29
Total Fund Expenses³	3.89

Arrow DWA Tactical: Macro ETF may not be suitable for all investors. 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. The market price may be higher (premium) or lower (discount) than the Net Asset Value (NAV). The fund may invest in commodity-related securities, which may be subject to greater volatility than investments in traditional securities. The fund may invest in international and emerging market securities, which may be subject to special risks including fluctuations in currency, government regulation, differences in accounting standards and liquidity. Investing in small-cap securities may have special risks, including wider variations in earnings and business prospects than larger, more established companies. The fund may invest in real estate-related securities, which may be subject to mortgage-related risks and real estate market fluctuations. The fund may invest in fixed income securities, which are subject to risks including interest rate, credit and inflation.

*Periods under 1 year are not annualized.

¹Market Price as of market close.

²Reflects partial calendar year 10/1/2014-12/31/2014.

³Total operating expenses (management fee and other expenses) are capped at 1.40% by a contractual waiver effective through 4/30/2023, subject to cap removal by Board approval upon 60 days notice. Before the fee cap, management fees are 0.90% and other expenses are 2.70% (fee waiver -2.20%). With acquired fund expenses of 0.29% and an operating fee cap of 1.40%, total fund expenses are 1.69% after fee waiver. Acquired fund fees will vary depending on the underlying investments and are not a direct expense of the fund.

Past performance is no guarantee of future results. 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.

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

Total returns for the periods since inception are calculated from the inception date of the fund. "Average annualized 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 price returns are based upon the official closing price of the ETF share at market close, and do not represent the returns you would receive if you traded shares at other times.

Holdings as of 03/17/2023 (Holdings are subject to change)

Symbol	Name	Description	% Net Assets	Market Value ($)	Security ID	Category	Quantity
XLE	Energy Select Sector SPDR Fund	EXCHANGE-TRADED FUNDS	11.75	$331,895	81369Y506	Equity	4312,,,
YPS	Arrow Reverse Cap 500 ETF	EXCHANGE-TRADED FUNDS	11.10	$313,349	042765677	Equity	15644,,,
EZU	iShares MSCI Eurozone ETF	EXCHANGE-TRADED FUNDS	10.48	$295,838	464286608	Equity	7069,,,
XLI	Industrial Select Sector SPDR Fund	EXCHANGE-TRADED FUNDS	10.39	$293,297	81369Y704	Equity	3034,,,
SLV	iShares Silver Trust	EXCHANGE-TRADED FUNDS	10.39	$293,297	46428Q109	Equity	14217,,,
DTH	WisdomTree Trust - WisdomTree International High Dividend Fund	EXCHANGE-TRADED FUNDS	10.14	$286,302	97717W802	Equity	7955,,,
RPV	Invesco S&P 500 Pure Value ETF	EXCHANGE-TRADED FUNDS	9.60	$271,067	46137V258	Equity	3769,,,
IEV	iShares Europe ETF	EXCHANGE-TRADED FUNDS	9.18	$259,347	464287861	Equity	5563,,,
XLB	Materials Select Sector SPDR Fund	EXCHANGE-TRADED FUNDS	8.84	$249,561	81369Y100	Equity	3305,,,
DVY	iShares Select Dividend ETF	EXCHANGE-TRADED FUNDS	8.19	$231,371	464287168	Equity	2057,,,
USDF	US DOLLAR FUTURE	CURRENCY	2.13	$60,026	Cash	Equity	60025.53,,,
	S&P500 EMINI OPTN Jun23P ESM3P 3800 Index	OPTIONS	0.64	$18,113	ESM3P3800	Equity	3,,,
	S&P500 EMINI OPTN Jun23C ESM3C 4200 Index	OPTIONS	-0.09	($2,663)	ESM3C4200	Equity	-1,,,
USD	US DOLLARS	CURRENCY	-2.71	($76,674)	Cash	Equity	-76674.47,,,

Export holdings

Distributions as of 03/17/2023

Ex-Date	Record Date	Payable Date	S.T. Cap Gains	L.T. Cap Gains	Income/Other*	Total Distribution*
12/23/2022	12/27/2022	01/03/2023	0.0428	0.4786	0.2075	0.7289
12/23/2021	12/24/2021	12/27/2021	0.5530	1.7910	0.3300	2.6740
12/26/2019	12/27/2019	01/02/2020	0	0.1423	0.1889	0.3312
12/28/2018	12/31/2018	01/07/2019	0.1460	0.1922	0.0000	0.3382
12/26/2017	12/27/2017	01/02/2018	0.1960	0.1050	0.0470	0.3480
12/28/2016	12/30/2016	01/04/2017	0	0	0.0914	0.0914
12/29/2015	12/31/2015	01/05/2016	0	0	0.0065	0.0065
12/29/2014	12/31/2014	01/05/2015	0	0	0.0393	0.0393

Export distributions

Arrow DWA Tactical: Macro ETF may not be suitable for all investors. 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. The market price may be higher (premium) or lower (discount) than the Net Asset Value (NAV). The fund may invest in commodity-related securities, which may be subject to greater volatility than investments in traditional securities. The fund may invest in international and emerging market securities, which may be subject to special risks including fluctuations in currency, government regulation, differences in accounting standards and liquidity. Investing in small-cap securities may have special risks, including wider variations in earnings and business prospects than larger, more established companies. The fund may invest in real estate-related securities, which may be subject to mortgage-related risks and real estate market fluctuations. The fund may invest in fixed income securities, which are subject to risks including interest rate, credit and inflation.

Distribution Schedule (PDF)

*Income/Other and Total Distribution may include income, dividends, return of capital, or other forms of payment. Return of capital is considered a return of the investment principal and is not derived from net profits.

Past performance is no guarantee of future results. 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 distributions are not indicative of future distributions. There is no guarantee a distribution will occur. Shares of funds are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

Glossary of Terms

Premium/Discount as of 03/17/2023

NAV	Market Price*	Premium/Discount	Trading Volume	30-Day Average Volume
$9.46	$9.47	0.15%	3	790.666

Historical Data
Select a quarter
Greatest Premium N/A	N/A
Greatest Discount N/A	N/A
Days Within Percent of NAV
+0.5% & -0.5%	N/A
+0.5% & -0.5%	N/A%
Number of Days At
Premium	N/A
NAV	N/A
Discount	N/A

Export historical NAV/Market Price

The above chart presents information about the difference between the daily market price for shares of the fund and the fund’s net asset value. The market price is the closing price of the fund. The vertical axis of the chart shows the premium or discount expressed as a percentage of NAV. The horizontal axis of the chart indicates the number of trading days in the period covered by the chart.

The Arrow DWA Tactical: Macro ETF may not be suitable for all investors. 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. The market price may be higher (premium) or lower (discount) than the Net Asset Value (NAV). The fund may invest in commodity-related securities, which may be subject to greater volatility than investments in traditional securities. The fund may invest in international and emerging market securities, which may be subject to special risks including fluctuations in currency, government regulation, differences in accounting standards and liquidity. Investing in small-cap securities may have special risks, including wider variations in earnings and business prospects than larger, more established companies. The fund may invest in real estate-related securities, which may be subject to mortgage-related risks and real estate market fluctuations. The fund may invest in fixed income securities, which are subject to risks including interest rate, credit and inflation.

*Market Price is the official closing price of the fund.

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 charts and graphs (1 through 4, in order from top to bottom) present information about the difference between the daily market price for shares of the fund and the fund’s net asset value. The market price is the closing price of the fund. For charts 1 and 3, the horizontal axis shows the premium or discount expressed as a percentage of NAV. The vertical axis of the chart indicates the number of trading days in the period covered by the chart. For graphs 2 and 4, the vertical axis shows the premium or discount expressed as a percentage of NAV. The horizontal axis indicates the date at which the premium/discount occurred. Although market makers will generally take advantage of differences between the NAV and the trading price of fund 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 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:

1. 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.

2. 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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