united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-22624

Arrow ETF Trust

(Exact name of registrant as specified in charter)

6100 Chevy Chase Drive Suite 100 Laurel, MD 20707

(Address of principal executive offices) (Zip code)

Corporation Service Company

2711 Little Falls Drive

Wilmington, Delaware 19808

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2619

Date of fiscal year end: 1/31

Date of reporting period: 7/31/19

Item 1. Reports to Stockholders.

Arrow Dow Jones Global Yield ETF

GYLD

Semi-Annual Report

July 31, 2019

1-877-277-6933

1-877-ARROW-FD

www.ArrowFunds.com

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.ArrowFunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by following the instructions included with paper Funds documents that have been mailed to you.

1

Arrow Dow Jones Global Yield ETF

PORTFOLIO REVIEW (Unaudited)

July 31, 2019

The Fund’s performance figures* for the six months ended July 31, 2019, as compared to its benchmark:

					Annualized
			Annualized	Annualized	Since Inception** -
	Six Months	One Year	Three Years	Five Years	July 31, 2019
Arrow Dow Jones Global Yield ETF - NAV	0.60%	(1.61)%	1.73%	(3.15)%	1.39%
Arrow Dow Jones Global Yield ETF - Market Price	(0.11)%	(2.76)%	1.22%	(3.43)%	0.86%
Dow Jones Global Composite Yield Index ***	1.51%	(0.19)%	2.69%	(2.19)%	2.33%

* The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or on the redemptions of Fund shares. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.arrowfunds.com or by calling 1-877-277-6933.

The Fund’s per share NAV is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (5/2/2012) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.75% per the June 1, 2019 prospectus. Please see the Financial Highlights for a more recent expense ratio.

** Commencement of trading was May 8, 2012.

*** The Dow Jones Global Composite Yield Index is constructed by equally weighting the five global high-yield index baskets, each of which is made up of 30 equally weighted components.

The Fund’s Top Asset Classes are as follows:

Asset Class	% of Net Assets
Financials		27.7	%
Energy		26.4	%
Government		19.2	%
Materials		6.2	%
Consumer Discretionary		5.5	%
Communications		4.0	%
Industrials		3.6	%
Utilities		2.7	%
Health Care		1.3	%
Consumer Staples		0.8	%
Technology		0.7	%
Other, Cash & Cash Equivalents		1.9	%
		100.0	%

Please refer to the Portfolio of Investments in this Semi-Annual Report for a detailed listing of the Fund’s holdings.

2

Arrow Dow Jones Global Yield ETF

PORTFOLIO OF INVESTMENTS (Unaudited)

July 31, 2019

Principal Amount ($)			Coupon Rate (%)	Maturity	Value
		BONDS & NOTES - 38.7%
		AUTO PARTS MANUFACTURING - 1.3%
	395,000	Goodyear Tire & Rubber Co.	5.000	5/31/2026	$	395,553
	475,000	Tenneco, Inc.	5.000	7/15/2026		370,500
						766,053
		CABLE & SATELLITE - 0.7%
	415,000	Dish DBS Corp.	5.875	11/15/2024		387,515
		CHEMICALS - 0.7%
	392,000	CF Industries, Inc.	5.150	3/15/2034		389,060
		CONSUMER FINANCE - 0.7%
	350,000	Springleaf Finance Corp.	7.125	3/15/2026		393,750
		DESIGN, MANUFACTURING, & DISTRIBUTION - 0.7%
	380,000	Ingram Micro, Inc.	5.450	12/15/2024		391,280
		ENTERTAINMENT CONTENT - 1.4%
	375,000	Liberty Interactive LLC	8.250	2/1/2030		390,131
	375,000	Viacom, Inc.	6.250	2/28/2057		391,638
						781,769
		EXPLORATION & PRODUCTION - 5.1%
	410,000	Antero Resources Corp.	5.125	12/1/2022		393,600
	490,000	Gulfport Energy Corp.	6.000	10/15/2024		379,701
	389,000	PDC Energy, Inc.	5.750	5/15/2026		377,023
	410,000	QEP Resources, Inc.	5.625	3/1/2026		352,608
	430,000	Range Resources Corp.	4.875	5/15/2025		363,350
	405,000	SM Energy Co.	6.625	1/15/2027		354,881
	400,000	Southwestern Energy Co.	6.200	1/23/2025		347,000
	425,000	Unit Corp.	6.625	5/15/2021		381,703
						2,949,866
		HOME IMPROVEMENT - 0.7%
	390,000	Griffon Corp.	5.250	3/1/2022		390,000
		OIL & GAS SERVICES & EQUIPMENT - 1.3%
	427,000	Nabors Industries, Inc.	5.750	2/1/2025		375,760
	360,000	USA Compression Partners LP	6.875	4/1/2026		376,236
						751,996
		PHARMACEUTICALS - 1.3%
	440,000	Teva Pharmaceutical Finance Netherlands III BV	2.800	7/21/2023		384,450
	501,000	Teva Pharmaceutical Finance Netherlands III BV	3.150	10/1/2026		391,976
						776,426
		PIPELINE - 2.0%
	372,000	Genesis Energy Finance Corp.	6.750	8/1/2022		379,860
	382,000	NuStar Logistics LP	5.625	4/28/2027		395,718
	434,000	Summit Midstream Holdings LLC	5.750	4/15/2025		375,410
						1,150,988
		REAL ESTATE - 0.7%
	566,000	CBL & Associates LP	5.950	12/15/2026		403,162
	403,000	Washington Prime Group LP	5.950	8/15/2024		378,820
						781,982

See accompanying notes to financial statements

3

Arrow Dow Jones Global Yield ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

July 31, 2019

Principal Amount ($)			Coupon Rate (%)	Maturity	Value
		REFINING & MARKETING - 0.7%
	372,000	PBF Holding Co LLC	7.000	11/15/2023	$	387,922
		RETAIL - CONSUMER DISCRETIONARY - 0.7%
	390,000	Sally Holdings LLC	5.625	12/1/2025		389,025
		SOVEREIGN - 19.3%
	425,000	Brazilian Government International Bond	4.250	1/7/2025		448,150
	230,000	Brazilian Government International Bond	6.000	4/7/2026		265,312
	300,000	Brazilian Government International Bond	10.125	5/15/2027		431,625
	365,000	Brazilian Government International Bond	5.625	1/7/2041		406,796
	361,000	Chile Government International Bond	3.860	6/21/2047		393,133
	225,000	Colombia Government International Bond	8.125	5/21/2024		277,706
	399,000	Colombia Government International Bond	6.125	1/18/2041		498,754
	230,000	Hungary Government International Bond	7.625	3/29/2041		365,446
	300,000	Indonesia Government International Bond	2.950	1/11/2023		303,393
	500,000	Indonesia Government International Bond	3.500	1/11/2028		513,786
	400,000	Indonesia Government International Bond	4.350	1/11/2048		421,309
	315,000	Israel Government International Bond	4.500	1/30/2043		362,682
	377,000	Mexico Government International Bond	4.000	10/2/2023		395,011
	350,000	Mexico Government International Bond	4.150	3/28/2027		365,008
	387,000	Mexico Government International Bond	4.750	3/8/2044		400,739
	375,000	Mexico Government International Bond	4.600	2/10/2048		380,160
	275,000	Panama Government International Bond	8.875	9/30/2027		389,675
	355,000	Peruvian Government International Bond	2.844	6/20/2030		358,018
	305,000	Peruvian Government International Bond	5.625	11/18/2050		423,191
	100,000	Republic of South Africa Government International	5.500	3/9/2020		101,376
	339,000	Republic of South Africa Government International	4.665	1/17/2024		351,081
	450,000	Republic of South Africa Government International	4.875	4/14/2026		461,758
	537,000	Republic of South Africa Government International	6.250	3/8/2041		586,916
	430,000	Republic of South Africa Government International	5.000	10/12/2046		407,313
	300,000	Turkey Government International Bond	7.500	11/7/2019		303,247
	312,000	Turkey Government International Bond	5.625	3/30/2021		317,998
	439,000	Turkey Government International Bond	3.250	3/23/2023		406,593
	400,000	Turkey Government International Bond	6.125	10/24/2028		387,394
	585,000	Turkey Government International Bond	6.000	1/14/2041		515,870
						11,239,440
		UTILITIES - 0.7%
	384,000	Suburban Energy Finance Corp.	5.500	6/1/2024		393,600
		WIRELESS TELECOMMUNICATION SERVICES - 0.7%
	363,000	United States Cellular Corp .	6.700	12/15/2033		385,796
		TOTAL BONDS & NOTES (Cost $22,206,407)				22,706,468
		COMMON STOCKS - 42.0%
		ASSET MANAGEMENT - 0.7%
	112,729	Standard Life Aberdeen PLC				412,437

See accompanying notes to financial statements

4

Arrow Dow Jones Global Yield ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

July 31, 2019

Shares			Value
		AUTOMOTIVE - 0.7%
	122,372	Tofas Turk Otomobil Fabrikasi AS	$	433,008
		BANKING - 3.5%
	194,768	Intesa Sanpaolo S.p.A		425,122
	22,371	National Australia Bank Ltd.		439,602
	56,984	Nordea Bank OYJ		368,284
	16,804	Societe Generale SA		415,446
	27,774	Swedbank AB		382,744
				2,031,198
		CHEMICALS - 1.4%
	57,501	Chemtrade Logistics Income Fund		442,265
	1,055,659	Sinopec Shanghai Petrochemical Co. Ltd.		369,512
				811,777
		CONSTRUCTION MATERIALS - 0.7%
	150,457	CSR Ltd.		417,921
		CONSUMER PRODUCTS - 0.8%
	38,222	Astral Foods Ltd.		443,468
		HOME & OFFICE PRODUCTS - 1.4%
	94,746	Crest Nicholson Holdings PLC		425,763
	53,169	Galliford Try PLC		385,409
				811,172
		INSTITUTIONAL FINANCIAL SERVICES - 0.7%
	130,664	Coronation Fund Managers Ltd.		387,187
		IRON & STEEL - 2.7%
	312,304	Eregli Demir ve Celik Fabrikalari TAS		417,210
	576,231	Magnitogorsk Iron & Steel Works PJSC		389,560
	15,709	Novolipetsk Steel PJSC - ADR		371,047
	23,916	Severstal PJSC		387,920
				1,565,737
		METALS & MINING - 0.7%
	18,586	MMC Norilsk Nickel PJSC		429,708
		OIL, GAS & COAL - 3.6%
	15,761	Bashneft PJSC		400,066
	613,477	China Petroleum & Chemical Corp.		396,555
	42,220	EnLink Midstream LLC		405,312
	332,215	Indo Tambangraya Megah Tbk PT		398,767
	21,151	Tupras Turkiye Petrol Rafinerileri AS		532,412
				2,133,112
		REAL ESTATE INVESTMENT TRUSTS (REITS) - 20.9%
	312,637	Agile Group Holdings Ltd.		406,577
	25,263	Apple Hospitality REIT, Inc.		396,882
	172,348	Ascendas Real Estate Investment Trust		385,360
	127,879	Ashford Hospitality Trust, Inc.		346,552
	404,312	CBL & Associates Properties, Inc.		424,528
	119,122	Charter Hall Retail REIT		371,114
	20,929	Chatham Lodging Trust		373,792
	15,171	Eurocommercial Properties NV		384,786
	288,753	Fibra Uno Administracion SA de CV		375,274
	228,650	Growthpoint Properties Ltd.		384,908
	218,510	Guangzhou R&F Properties Co. Ltd.		399,174
	22,398	H&R Real Estate Inv-REIT UTS		386,846
	112,251	Hammerson PLC		294,546
	16,069	Hospitality Properties Trust		397,065

See accompanying notes to financial statements

5

Arrow Dow Jones Global Yield ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

July 31, 2019

Shares			Value
		REAL ESTATE INVESTMENT TRUSTS (REITS) - 20.9% (Continued)
	81,097	Hyprop Investments Ltd.	$	398,512
	33,786	Independence Realty Trust, Inc.		417,257
	20,907	Kimco Realty Corp.		401,623
	25,395	Kite Realty Group Trust		404,034
	11,771	Klepierre		364,866
	11,701	Macerich Co.		386,718
	332,697	Mapletree Logistics Trust		374,377
	370,184	Mapletree North Asia Commercial Trust		384,101
	43,095	NEPI Rockcastle PLC		394,259
	63,528	Pennsylvania Real Estate Investment Trust		379,897
	607,937	Redefine Properties Ltd.		377,447
	22,091	RLJ Lodging Trust		381,732
	31,411	RPT Realty		384,785
	49,059	Senior Housing Properties Trust		402,284
	29,205	SITE Centers Corp.		416,171
	2,703	Unibail-Rodamco-Westfield *		364,152
	99,784	Washington Prime Group, Inc.		362,216
	15,307	Wereldhave NV		328,245
				12,250,080
		RETAIL - DISCRETIONARY - 0.8%
	148,585	Harvey Norman Holdings Ltd.		449,590
		TELECOMMUNICATIONS - 1.4%
	38,157	CenturyLink, Inc.		461,318
	43,867	Mobile TeleSystems PJSC		358,393
				819,711
		TRANSPORTATION & LOGISTICS - 1.4%
	19,177	GasLog Partners LP		413,264
	23,672	Hoegh LNG Partners LP		418,758
				832,022
		UTILITIES - 0.6%
	130,271,772	Federal Grid Co. Unified Energy System PJSC		377,912
		TOTAL COMMON STOCKS (Cost $28,069,998)		24,606,040
		MASTER LIMITED PARTNERSHIPS - 17.4%
		OIL, GAS & COAL - 13.8%
	24,457	Alliance Resource Partners LP		428,731
	10,160	Buckeye Partners LP		423,977
	11,981	Crestwood Equity Partners LP		449,168
	25,700	CrossAmerica Partners LP		431,760
	14,396	DCP Midstream LP		425,258
	13,497	Delek Logistics Partners LP		448,235
	30,926	Enable Midstream Partners LP		430,799
	1	Energy Transfer LP		14
	9,331	EQM Midstream Partners LP		359,337
	18,916	Genesis Energy LP		432,231
	20,856	Global Partners LP/MA		420,874
	26,268	Kimbell Royalty Partners LP		421,601

See accompanying notes to financial statements

6

Arrow Dow Jones Global Yield ETF

PORTFOLIO OF INVESTMENTS (Unaudited)(Continued)

July 31, 2019

Shares			Value
		OIL, GAS & COAL - 13.8% (Continued)
	62,504	Martin Midstream Partners LP	$	383,150
	12,651	MPLX LP		371,298
	1	Natural Resource Partners LP		30
	29,145	NGL Energy Partners LP		449,999
	15,987	NuStar Energy LP		463,623
	19,465	PBF Logistics LP		424,921
	58,337	Summit Midstream Partners LP		458,529
	13,345	Sunoco LP		450,928
	23,838	USA Compression Partners LP		421,456
				8,095,919
		TRANSPORTATION & LOGISTICS - 2.2%
	38,648	Capital Product Partners LP		443,679
	37,356	Golar LNG Partners LP		441,922
	21,798	KNOT Offshore Partners LP		423,317
				1,308,918
		UTILITIES - 1.4%
	11,620	AmeriGas Partners LP		393,686
	16,888	Suburban Propane Partners LP		414,600
				808,286
		TOTAL MASTER LIMITED PARTNERSHIPS (Cost $10,279,263)		10,213,123
		TOTAL INVESTMENTS - 98.1% (Cost - $60,555,668)	$	57,525,631
		OTHER ASSETS LESS LIABILITIES - 1.9%		1,099,986
		NET ASSETS - 100.0%	$	58,625,617

* Non Income Producing Security

AB - Aktiebolag

ADR - American Depositary Receipt

AS - Anonim Sirketi

BV - Besloten Vennootschap

LLC - Limited Liability Corporation

LP - Limited Partnership

LTD - Limited Company

NV - Naamloze Vennootschap

OYJ - Julkinen osakeyhtiö

PJSC - Public Joint-Stock Company

PLC - Public Limited Company

SA - Société Anonyme

S.p.A - Societa per azioni

TAS - Turkish Accounting Standards

See accompanying notes to financial statements

7

Arrow Dow Jones Global Yield ETF

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

July 31, 2019

ASSETS
Investment securities:
At cost	$	60,555,668
At value	$	57,525,631
Cash		413,506
Foreign cash (cost $148,609)		149,330
Dividends and interest receivable		556,707
TOTAL ASSETS		58,645,174
LIABILITIES
Investment advisory fees payable		19,557
TOTAL LIABILITIES		19,557
NET ASSETS	$	58,625,617
Net Assets Consist Of:
Paid in capital	$	129,972,030
Accumulated deficit		(71,346,413	)
NET ASSETS	$	58,625,617
Net Asset Value Per Share:
Net Assets	$	58,625,617
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		3,600,000
Net asset value (Net Assets ÷ Shares Outstanding)	$	16.28

See accompanying notes to financial statements

8

Arrow Dow Jones Global Yield ETF

STATEMENT OF OPERATIONS (Unaudited)

For the Six Months Ended July 31, 2019

INVESTMENT INCOME
Dividends (net of foreign withholding tax of $161,351)	$	1,917,742
Interest		640,662
TOTAL INVESTMENT INCOME		2,558,404
EXPENSES
Investment advisory fees		222,592
TOTAL EXPENSES		222,592
NET INVESTMENT INCOME		2,335,812
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments		(818,032	)
Foreign currency transactions		107,687
		(710,345	)
Net change in unrealized depreciation on:
Investments		(1,242,402	)
Foreign currency translations		(30,390	)
		(1,272,792	)
NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FOREIGN CURRENCY		(1,983,137	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	352,675

See accompanying notes to financial statements

9

Arrow Dow Jones Global Yield ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the
	Six Months Ended			For the Year
	July 31, 2019			Ended
	(Unaudited)			January 31, 2019
FROM OPERATIONS
Net investment income	$	2,335,812		$	4,767,634
Net realized loss on investments and foreign currency transactions		(710,345	)		(3,378,906	)
Net change in unrealized depreciation on investments and foreign currency translations		(1,272,792	)		(5,091,166	)
Net increase (decrease) in net assets resulting from operations		352,675			(3,702,438	)
DISTRIBUTIONS TO SHAREHOLDERS
From return of capital		—			(2,193,188	)
Total distributions paid:		(2,457,000	)		(2,991,225	)
Net decrease in net assets resulting from distributions to shareholders		(2,457,000	)		(5,184,413	)
FROM SHARES OF BENEFICIAL INTEREST
Cost of shares redeemed		(1,268,457	)		(39,730,801	)
Transaction fees (Note 5)		—			49,254
Net decrease in net assets resulting from shares of beneficial interest		(1,268,457	)		(39,681,547	)
TOTAL DECREASE IN NET ASSETS		(3,372,782	)		(48,568,398	)
NET ASSETS
Beginning of Period		61,998,399			110,566,797
End of Period	$	58,625,617		$	61,998,399
SHARE ACTIVITY
Shares redeemed		(75,000	)		(2,250,000	)
Net decrease in shares of beneficial interest outstanding		(75,000	)		(2,250,000	)

See accompanying notes to financial statements

10

Arrow Dow Jones Global Yield ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period

	For the Six Months Ended			For the Year			For the Year			For the Year			For the Year			For the Year
	July 31, 2019			Ended			Ended			Ended			Ended			Ended
	(Unaudited)			January 31, 2019			January 31, 2018			January 31, 2017			January 31, 2016			January 31, 2015
Net asset value, beginning of period	$	16.87		$	18.66		$	18.92		$	16.40		$	24.30		$	25.70
Activity from investment operations:
Net investment income (1)		0.64			1.16			1.04			1.12			1.53			1.52
Net realized and unrealized gain (loss) on investments and foreign currency		(0.54	)		(1.69	)		(0.09	)		2.74			(7.71	)		(1.03	)
Total from investment operations		0.10			(0.53	)		0.95			3.86			(6.18	)		0.49
Less distributions from:
Net investment income		(0.69	)		(0.69	)		(0.72	)		(1.20	)		(1.25	)		(1.43	)
Return of capital		—			(0.57	)		(0.49	)		(0.14	)		(0.47	)		(0.46	)
Total distributions		(0.69	)		(1.26	)		(1.21	)		(1.34	)		(1.72	)		(1.89	)
Net asset value, end of period	$	16.28		$	16.87		$	18.66		$	18.92		$	16.40		$	24.30
Total return (3)(6)		0.60	%		(2.69	)%		5.30	% (4)		24.34	%		(26.97	)%		1.57	%
Net assets, at end of period (000s)	$	58,626		$	61,998		$	110,567		$	99,356		$	87,310		$	160,359
Ratio of net expenses to average net assets(5)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets(5)		7.87	%		6.72	%		5.60	%		6.11	%		6.97	%		5.73	%
Portfolio Turnover Rate (2)(6)		49	%		69	%		90	%		74	%		90	%		87	%

(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for each year.

(2) Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

(3) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.

(4) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(5) Annualized for periods less than one year.

(6) Not annualized for periods less than one year.

See accompanying notes to financial statements

11

ARROW DOW JONES GLOBAL YIELD ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited)

July 31, 2019

1. ORGANIZATION

The Arrow Dow Jones Global Yield ETF (the “Fund”) is a diversified series of shares of beneficial interest of Arrow ETF Trust (formerly Northern Lights ETF Trust) (the “Trust”), a statutory trust organized under the laws of the State of Delaware on August 29, 2011, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund’s investment objective is to seek investment results that generally correspond (before fees and expenses) to the price and yield performance of the Dow Jones Global Yield Index (the “Index”). The investment objective is non-fundamental. The Fund commenced operations on May 2, 2012.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standards Update (“ASU”) 2013-08.

Securities valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. If market quotations are not readily available or if Arrow Investment Advisors, LLC (the “Advisor”) believes the market quotations are not reflective of market value, securities will be valued at their fair value as determined in good faith by the Advisor and in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”), subject to review by the Board. The Board will review the fair value method in use for securities requiring a fair market value determination and supporting documentation from the Advisor at least quarterly for consistency with the Procedures. The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Fair value may also be used by the Board if extraordinary events occur after the close of the relevant world market but prior to the NYSE close.

12

ARROW DOW JONES GLOBAL YIELD ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

July 31, 2019

Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of July 31, 2019 for the Fund’s assets measured at fair value:

Assets *	Level 1		Level 2		Level 3		Total
Bonds and Notes	$	—	$	22,706,468	$	—	$	22,706,468
Common Stocks		24,606,040		—		—		24,606,040
Master Limited Partnerships		10,213,123		—		—		10,213,123
Total	$	34,819,163	$	22,706,468	$	—	$	57,525,631

These amendments have been adopted with these financial statements.

The Fund did not hold any Level 3 securities during the period.

* See Portfolio of Investments for industry classification.

13

ARROW DOW JONES GLOBAL YIELD ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

July 31, 2019

In accordance with the Fund’s investment objectives, the Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

Real Estate Investment Risk (REIT) – Investments in securities of real estate companies involve risks including, among others, adverse changes in national, state or local real estate conditions; obsolescence of properties; changes in the availability, cost and terms of mortgage funds; and the impact of changes in environmental laws. The value of a REIT can depend on the structure of and cash flow generated by the REIT. In addition, like mutual funds, REITs have expenses, including advisory and administration fees, which are paid by their shareholders. Further, the failure of a company to qualify as a REIT or comply with applicable federal tax requirements could have adverse consequences for the Fund, including significantly reducing return to the Fund on its investment.

Master Limited Partnerships – The Fund invests in Master Limited Partnerships (“MLPs”) which are publicly traded partnerships engaged in, among other things, the transportation, storage and processing of minerals and natural resources, and are treated as partnerships for U.S. federal income tax purposes. By confining their operations to these specific activities, their interests, or units, are able to trade on public securities exchanges exactly like the shares of a corporation, without entity level taxation. Of the roughly ninety MLPs in existence, fifty are eligible for inclusion in the Alerian MLP Index, approximately two-thirds trade on the NYSE and the rest trade on the NASDAQ. To qualify as a MLP and to not be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended. These qualifying sources include natural resource based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership’s operations and management.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing

14

ARROW DOW JONES GLOBAL YIELD ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

July 31, 2019

specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.

Dividends and Distributions to Shareholders – Dividends from net investment income, if any, are declared and paid monthly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Monthly distributions in excess of ordinary taxable income are treated as returns of capital. Dividends and distributions to shareholders are recorded on the ex-dividend date.

Security Transactions and Related Income – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

Federal Income Taxes – The Fund intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended January 31, 2016 to January 31, 2019, or expected to be taken in the Fund’s January 31, 2020 year-end tax returns. The Fund identified its major tax jurisdictions as U.S. federal, Nebraska and foreign jurisdictions where the Fund makes significant investments. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Foreign Currency – The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.

15

ARROW DOW JONES GLOBAL YIELD ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

July 31, 2019

Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

3. INVESTMENT TRANSACTIONS

For the six months ended July 31, 2019, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to $28,916,172 and $29,616,695 respectively.

For the six months ended July 31, 2019, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions, amounted to $0 and $0, respectively.

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

The business activities of the Fund are overseen by the Board, which is responsible for the overall management of the Fund. The Advisor serves as the Fund’s investment advisor pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an ETF Distribution Agreement with Northern Lights Distributors, LLC (“NLD” or the “Distributor”) to serve as the distributor for the Fund. Archer Distributors, LLC, an affiliate of the Advisor is also a party to the Distribution Agreement and provides marketing services to the Fund, including responsibility for all the Fund’s marketing and advertising materials.

Pursuant to the Advisory Agreement, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a unitary management fee, computed and accrued daily and paid monthly, at an annual rate of 0.75% of the Fund’s average daily net assets.

The Advisor’s unitary management fee is designed to pay the Fund’s expenses and to compensate the Advisor for providing services for the Fund. Out of the unitary management fee, the Advisor pays substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services and Independent Trustees’ fees, except for payments under the Fund’s 12b-1 plan, brokerage expenses, taxes, interest (including borrowing costs and dividend expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which the Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto). The Advisor, and not the Fund’s shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.

16

ARROW DOW JONES GLOBAL YIELD ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

July 31, 2019

The Trust, with respect to the Fund, has adopted a distribution and service plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund is authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services (“Service Providers”). If a Service Provider provides these services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. No distribution or service fees are currently paid by the Fund and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Fund.

Gemini Fund Services, LLC (“GFS”) – GFS, an affiliate of the Distributor, provides administration and fund accounting services to the Fund. Pursuant to separate servicing agreements with GFS, the Advisor, on behalf of the Fund pays GFS customary fees for providing administration and fund accounting services to the Fund. Certain officers of the Trust are also officers of GFS, and are not paid any fees directly by the Trust for serving in such capacities.

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of GFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Advisor, on behalf of the Fund.

On February 1, 2019, NorthStar Financial Services Group, LLC, the parent company of GFS and its affiliated companies including NLD and Northern Lights Compliance Services, LLC (“NLCS”)(collectively, the “Gemini Companies”), sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (an independent mutual fund administration firm) and its affiliates (collectively, the “Ultimus Companies”). As a result of these separate transactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group, LLC.

5. CAPITAL SHARE TRANSACTIONS

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 75,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Purchases and redemptions of Creation Units for cash or involving cash-in-

17

ARROW DOW JONES GLOBAL YIELD ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

July 31, 2019

lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions (“Variable Charge,” and together with the Fixed Fee, the “Transaction Fees”). Transactions in capital shares for the Fund are disclosed in the Statement of Changes in Net Assets.

The Transaction Fees for the Fund are listed in the table below:

Fixed Fee	Variable Charge
$3,170	2.00%*

* The maximum Transaction Fee may be up to 2.00% of the amount invested.

For the six months ended July 31, 2019, the Fund received $3,170 and $6,342 in fixed fees and variable fees, respectively. Fixed Fees were used to cover the custodial and other costs incurred by the Fund.

6. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of distributions paid during the following years was as follows:

	Fiscal Year Ended		Fiscal Year Ended
	January 31, 2019		January 31, 2018
Ordinary Income	$	2,991,225	$	3,859,162
Return of Capital		2,193,188		2,498,153
	$	5,184,413	$	6,357,315

As of January 31, 2019, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed		Undistributed		Post October Loss			Capital Loss			Other		Unrealized			Total
Ordinary		Long-Term		and			Carry			Book/Tax		Appreciation/			Accumulated
Income		Gains		Late Year Loss			Forwards			Differences		(Depreciation)			Earnings/(Deficit)
$	—	$	—	$	(791,561	)	$	(64,375,753	)	$	—	$	(4,074,774	)	$	(69,242,088	)

The difference between book basis and tax basis unrealized depreciation, accumulated net investment income (loss) and accumulated net realized loss from investments and foreign currency transactions is primarily attributable to the tax deferral of losses on wash sales, mark-to-market on passive foreign investment companies, and tax adjustments for real estate investment trusts, partnerships and C-Corporation and return of capital distributions.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $791,561.

18

ARROW DOW JONES GLOBAL YIELD ETF

NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)

July 31, 2019

At January 31, 2019, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

		Non-Expiring		Non-Expiring
Expiring		Short-Term		Long-Term		Total		CLCF Utilized
$	—	$	24,109,728	$	40,266,025	$	64,375,753	$	—

Permanent book and tax differences, primarily attributable to the book/ tax basis treatment of foreign currency losses and tax adjustments for passive foreign investment companies, real estate investment trusts, partnerships, realized gain (loss) on in-kind redemptions, and C-Corporation return of capital distributions resulted in reclassification for the year ended January 31, 2019 as follows:

Paid
In		Accumulated
Capital		Earnings (Deficit)
$	234,121	$	(234,121	)

7. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

							Net Unrealized
		Gross Unrealized		Gross Unrealized			Appreciation/
Tax Cost		Appreciation		Depreciation			(Depreciation)
$	62,863,747	$	2,981,405	$	(8,319,521	)	$	(5,338,116	)

8. SUBSEQUENT EVENTS

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.

Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements, other than the following:

Distributions: The Board declared the following distributions after July 31, 2019:

Distribution Per Share	Record Date	Payable Date
$0.1562	8/19/2019	8/26/2019
$0.0364	9/17/2019	9/23/2019

19

Arrow Dow Jones Global Yield ETF

EXPENSE EXAMPLES (Unaudited)

July 31, 2019

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; (2) ongoing costs, including a unitary management fee and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2019 through July 31, 2019.

Actual Expenses

The “Actual” line in the table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $ 1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending		Expenses Paid		Expenses Ratio
	Account Value		Account Value		During Period*		During Period**
	2/1/2019		7/31/2019		2/1/19 - 7/31/19		2/1/19 - 7/31/19
Actual	$	1,000.00	$	1,006.00	$	3.73		0.75	%
Hypothetical
(5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%

* “Actual” expense information for the Fund is for the period from February 1, 2019 to July 31, 2019. Actual expenses are equal to the Fund’s annualized net expense ratio multiplied by 181/365 (to reflect the period from February 1, 2019 to July 31, 2019). “Hypothetical” expense information for the Fund is presented on the basis of the full one-half year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 181/365 (to reflect the full half-year period).

** Annualized.

20

PRIVACY NOTICE

FACTS	WHAT DOES ARROW ETF TRUST DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	■       Social Security number ■       Assets ■       Retirement Assets ■       Transaction History ■       Checking Account Information	■       Purchase History ■       Account Balances ■       Account Transactions ■       Wire Transfer Instructions
	When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Arrow ETF Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Arrow ETF Trust share?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes – to offer our products and services to you	No	We don’t share
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-877-277-6933

21

Who we are

Who is providing this notice?	Arrow ETF Trust
What we do
How does Arrow ETF Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Arrow ETF Trust collect my personal information?	We collect your personal information, for example, when you ■       Open an account ■       Provide account information ■       Give us your contact information ■       Make deposits or withdrawals from your account ■       Make a wire transfer ■       Tell us where to send the money ■       Tells us who receives the money ■       Show your government-issued ID ■       Show your driver’s license We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■       Sharing for affiliates’ everyday business purposes – information about your creditworthiness ■       Affiliates from using your information to market to you ■       Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■       Arrow ETF Trust does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies ■       Arrow ETF Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■       Arrow ETF Trust does not jointly market.

22

PROXY VOTING POLICY

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-877-277-6933 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

The Fund files its complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-Q is available without charge, upon request, by calling 1-877-277-6933.

INVESTMENT ADVISOR

Arrow Investment Advisors, LLC

6100 Chevy Chase Drive

Suite 100

Laurel, MD 20707

ADMINISTRATOR

Gemini Fund Services, LLC

80 Arkay Drive, Suite 110

Hauppauge, NY 11788

Item 2. Code of Ethics. Not applicable.

Item 3. Audit Committee Financial Expert. Not applicable.

Item 4. Principal Accountant Fees and Services. Not applicable.

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a)       Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)       There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. - Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b)       Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Arrow ETF Trust

By (Signature and Title)

/s/Joseph Barrato

Joseph Barrato, Principal Executive Officer/President

Date 10/9/19

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Joseph Barrato

Joseph Barrato, Principal Executive Officer/President

Date 10/9/19

By (Signature and Title)

/s/ Sam Singh

Sam Singh, Principal Financial Officer/Treasurer

Date 10/9/19