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Arrow ETF Trust – ‘NSAR-B’ for 1/31/14

On: Tuesday, 4/1/14, at 4:38pm ET · Effective: 4/1/14 · For: 1/31/14 · Accession #: 910472-14-1483 · File #: 811-22624

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/01/14  Northern Lights ETF Trust         NSAR-B      1/31/14    2:12K                                    Gemini Fund Svcs, LLC.
          → Arrow Dow Jones Global Yield ETF ⇒ GYLD

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B      Arrow Dj Answer File                                   8     33K 
 2: EX-99.77B ACCT LTTR  Audit Letter                                  2±     9K

‘NSAR-B’ — Arrow Dj Answer File

SEC Info℠ rendering: Data from the Answer File, which may only contain updates to a prior Form N-SAR

Form N-SAR

Annual Report by an Open-End Investment Company

Report
Registrant: Northern Lights ETF Trust — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end: 1/31/14

Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant? Yes

Is this an Amendment to a previous Report? No
Is this a change to a previous Report? No
Registrant
1. SEC CIK: 1532206
SEC File #: 811-22624

Telephone #: 631-470-2602
2. Address: 17605 Wright Street
Omaha, NE 68130
3. Is this the first Form N-SAR filed by the Registrant? No
4. Is this the final Form N-SAR filed by the Registrant? No
Funds/Series ↑Top of Form N-SAR
7. Is the Registrant a Funds/Series (multiple portfolios) company? Yes

The number of separate Funds/Series (portfolios) at period end: 1
The number of separate Funds/Series (portfolios) reported here: 1...

N-SAR S# Fund/Series — Filings for F/S#… ⇒ Symbols
↓Information Common to All
↓ Series 1: Arrow Dow Jones Global Yield ETF — S#35751 ⇒ GYLD
Investment Company Type
27. Is the Registrant an “open-end” investment company? Yes, Open-End
Additional Disclosures
77. Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)? Yes

EX-99.77B: Accountant’s Report re: Internal Controls? Yes
Subsidiaries
78. Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report? No
All Series ↑List of Funds/Series Reported Here

Information Common to All Funds/Series
All: Brokerage Commissions Paid on Portfolio Transactions
20. The brokers who received the largest amount of gross brokerage
commissions during the period:
20.1 Broker: Barclays
Commissions paid ($000s): 27
21. Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 27
All: Portfolio Transactions with Entities Acting as Principals
22. The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
22.1 Entity: Marketaxess
Registrant’s purchases ($000s): 41,346
Registrant’s sales ($000s): 27,126
22.2 Entity: Barclays
Registrant’s purchases ($000s): 3,736
Registrant’s sales ($000s): 1,165
22.3 Entity: Brown Brothers & Harriman
Registrant’s sales ($000s): 12
22.4 Entity: Credit Suisee
Registrant’s purchases ($000s): 12
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 45,095
Aggregate sales ($000s): 28,303
All: Considerations which Affected the Participation of Brokers or Dealers
26. Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ............................... No
Receipt of investment research and statistical info .................... No
Receipt of quotations for portfolio valuations ......................... No
Ability to execute portfolio transactions to obtain the best price
and execution ........................................................ Yes
Receipt of telephone line and wire services ............................ No
Broker or Dealer which is an affiliated person ......................... No
An arrangement to return or credit part or all of commissions or
profits thereon...
To an Investment Adviser or Principal Underwriter, or to an
affiliated person of either ...................................... No
To the Registrant .................................................. No
Other .................................................................. No
Series 1 ↑Information Common to All Funds/Series ↑List of Funds/Series
7. Name: Arrow Dow Jones Global Yield ETF — S#35751 ⇒ GYLD

Is this the final Form N-SAR filed for this Fund/Series? No
S 1: Investment Adviser
8.1 Name: Arrow Investment Advisors, LLC
Role: Adviser
SEC File #: 801-66595
Location: Olney, MD
S 1: Administrator
10.1 Name: Gemini Fund Services, LLC
Location: Hauppague, NY
S 1: Principal Underwriter
11.1 Name: Northern Lights Distributors, LLC
SEC File #: 008-65857
Location: Omaha, NE
S 1: Shareholder Servicing/Transfer Agent
12.1 Name: Brown Brothers Harriman & Co.
Location: Boston, MA
S 1: Independent Public Accountant
13.1 Name: BBD, LLP
Location: Phildelphia, PA
S 1: Custodian
15.1 Name: Brown Brothers Harriman & Co.
Role: Custodian
Location: Boston, MA

Type of custody: Section 17(f)(1) — Bank
18. Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4? Yes
S 1: Family of Investment Companies
19. Is the Registrant/Series part of a “family” of investment companies? No
S 1: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 1: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ –
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 5,689
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 5,818
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,832
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 7,728
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 7,728
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 5,906
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 5,811
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 5,978
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. –

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 31,241
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 17,249

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 1: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S 1: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 1: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.75%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? No
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ Yes
Clerical and bookkeeping services ...................................... Yes
Accounting services .................................................... No
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... No
Salaries & compensation of Registrant’s interested Directors ........... Yes
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. Yes
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... Yes
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
S 1: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? Yes
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 1: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $0
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? Yes
S 1: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? No –
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? No –
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? No –
Writing or investing in options on stock index futures? No –
Writing or investing in other commodity futures? Yes No
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes No
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes No
Borrowing of money? Yes to both
Purchases/sales by certain exempted affiliated persons? No –
Margin purchases? Yes No
Short selling? Yes No
S 1: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 66,206
Sales ($000s): 44,447

Monthly average Value of portfolio ($000s): 72,948

Percent turnover (lesser of Purchases or Sales, divided by Value): 61%
S 1: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 1,692
Net dividend income .............................................. 3,206
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 563
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. –
Custodian fees ................................................... –
Postage .......................................................... –
Printing expenses ................................................ –
Directors’ fees .................................................. –
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... –
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 563

Expense reimbursements ($000s): 0

Net investment income ($000s): 4,335

Realized capital gains ($000s): 650
Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 5,191

Total income dividends for which the record date passed during the
period ($000s): 3,361

Total capital gains distributions for which the record date passed
during the period ($000s): 0
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $1.2312

Distribution of capital gains: $0.0000
Other distributions: $0.3693
S 1: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 477
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ 37,451
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 55,969
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ –
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ 858
All other assets ................................................. 23
Total assets ..................................................... 94,778

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 257
Amounts owed to affiliated persons ............................... 73
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... –

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 94,448

Number of shares outstanding (000s): 3,675

Net Asset Value (NAV) per share (to nearest cent): $25.70

Total number of shareholder accounts: 0

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 75,019
S 1: Fidelity Bond in Effect at Fiscal Year End
80. Insurer: St. Paul Fire & Marine Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s): 1,000
81. Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities? No
82. Does the mandatory coverage of the fidelity bond have a deductible? No
83. Were any claims with respect to this Registrant/Series filed under the
bond during the period? No
84. Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not? No
85. Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else? Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series? No
Signature ↑Top of Form N-SAR
/s/ Sam Singh
Name: Sam Singh
Title: Avp Fund Admin

↑Top

Filing Submission 0000910472-14-001483 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Arrow ETF Trust – ‘NSAR-B’ for 1/31/14

On: Tuesday, 4/1/14, at 4:38pm ET · Effective: 4/1/14 · For: 1/31/14 · Accession #: 910472-14-1483 · File #: 811-22624

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Annual Report by an Investment Company — Form N-SAR — ICA’40Filing Table of Contents

‘NSAR-B’ — Arrow Dj Answer File

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents