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Arrow Reserve Capital Management ETF
The Arrow Reserve Capital Management ETF may not be suitable for all investors. New funds have a limited performance record. 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’s portfolio may underperform its benchmark and/or other asset classes. The fund’s use of fixed income securities is subject to risks including interest rate, credit, prepayment, issuer-specific, regulatory and inflation. The fund’s use of derivatives such as futures, options and swap agreements may expose the fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The fund’s use of asset-backed and mortgage-backed securities are subject to risks including non-payment of borrows resulting the potential for under collateralized debt valuations and payments. This fund is not a money market. ¹Market Price or Bid/Ask Midpoint as of market close. ²SEC Yield and Distribution Rate calculations are based on most recent Ex-Date, 8/31/2020. Distribution Rate reflects the total distributions over the previous 12 months. SEC Yield and Distribution Rate may include income, dividends, return of capital, or other distributions that are not considered short-term or long-term capital gains. Return of capital is considered a return of the investment principal and is not derived from net profits. ³Total operating expenses are capped at 0.42% by a contractual waiver effective through 11/30/2020, subject to cap removal by Board approval upon 60 days notice. Before the fee waiver of -0.12%, expenses would include the 0.30% management fee and 0.24% other expenses, for a total expense of 0.54%. Effective 12/1/2020, the total operating expenses will be capped at 50% by a contractual waiver effective through 5/31/2021, subject to cap removal by Board approval upon 60 days notice.
4Data 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. Shares of exchange traded products 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 exchange traded funds/products, and do not represent the returns you would receive if you traded shares at other times. AD-113018 Market Data
Daily
Month-End
Quarter-End
as of
The Arrow Reserve Capital Management ETF may not be suitable for all investors. New funds have a limited performance record. 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’s portfolio may underperform its benchmark and/or other asset classes. The fund’s use of fixed income securities is subject to risks including interest rate, credit, prepayment, issuer-specific, regulatory and inflation. The fund’s use of derivatives such as futures, options and swap agreements may expose the fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The fund’s use of asset-backed and mortgage-backed securities are subject to risks including non-payment of borrows resulting the potential for under collateralized debt valuations and payments. This fund is not a money market. *Periods under 1 year are not annualized ¹Market Price or Bid/Ask Midpoint as of market close. ²Data reflects partial calendar year 3/31/2017-12/31/2017. ³Total operating expenses are capped at 0.42% by a contractual waiver effective through 11/30/2020, subject to cap removal by Board approval upon 60 days notice. Before the fee waiver of -0.12%, expenses would include the 0.30% management fee and 0.24% other expenses, for a total expense of 0.54%. Effective 12/1/2020, the total operating expenses will be capped at 50% by a contractual waiver effective through 5/31/2021, subject to cap removal by Board approval upon 60 days notice.
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. Shares of exchange traded products 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 returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. ET when NAV is normally determined for most exchange traded products, and do not represent the returns you would receive if you traded shares at other times. Holdings as of 09/24/2020 (Holdings are subject to change)
The Arrow Reserve Capital Management ETF may not be suitable for all investors. New funds have a limited performance record. 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’s portfolio may underperform its benchmark and/or other asset classes. The fund’s use of fixed income securities is subject to risks including interest rate, credit, prepayment, issuer-specific, regulatory and inflation. The fund’s use of derivatives such as futures, options and swap agreements may expose the fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The fund’s use of asset-backed and mortgage-backed securities are subject to risks including non-payment of borrows resulting the potential for under collateralized debt valuations and payments. This fund is not a money market. 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. Distributions as of 09/24/2020
Arrow Reserve Capital Management ETF may not be suitable for all investors. New funds have a limited performance record. 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’s portfolio may underperform its benchmark and/or other asset classes. The fund’s use of fixed income securities is subject to risks including interest rate, credit, prepayment, issuer-specific, regulatory and inflation. The fund’s use of derivatives such as futures, options and swap agreements may expose the fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The fund’s use of asset-backed and mortgage-backed securities are subject to risks including non-payment of borrows resulting the potential for under collateralized debt valuations and payments. This fund is not a money market. 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 09/24/2020
Arrow Reserve Capital Management ETF may not be suitable for all investors. New funds have a limited performance record. 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’s portfolio may underperform its benchmark and/or other asset classes. The fund’s use of fixed income securities is subject to risks including interest rate, credit, prepayment, issuer-specific, regulatory and inflation. The fund’s use of derivatives such as futures, options and swap agreements may expose the fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The fund’s use of asset-backed and mortgage-backed securities are subject to risks including non-payment of borrows resulting the potential for under collateralized debt valuations and payments. This fund is not a money market. *Market Price or Bid/Ask Midpoint as of market close. Net asset value (NAV) and Market Price are usually calculated at 4:00 p.m. ET. Please refer to the prospectus for more details on NAV determination. Description The above chart presents information about the difference between the daily market price and the NAV. 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 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 shares traded within the premium/discount range indicated. Although market makers will generally take advantage of differences between the NAV and the trading price of 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:
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