At a glance
GYLD charges 0.75% a year. It has $37.3M in assets; it paid 7.8% of its price in distributions over the past 12 months, monthly. Over the past year it returned +7.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +14.3% a year. At its worst it fell 44.6% in the 2020 crash (S&P 500: 33.7%) and 19.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 15 months after the lows. Its ten largest positions make up 9.3% of the fund, out of 146 in all.
The short version
Arrow Dow Jones Global Yield ETF (GYLD) is an index fund that tracks the Dow Jones Global Composite Yield Index: about 150 of the highest-yielding stocks, government and corporate bonds, real estate securities and energy securities worldwide. Its trailing 12-month yield was 7.8% as of October 27, 2026, paid monthly. That income comes with junk bonds, heavy emerging-market exposure, a 0.75% expense ratio and a history of deep losses.
Price history
The interactive chart needs JavaScript.
GYLD +7.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GYLD official prospectus, to Dec 31, 2025 | — | +14.72% | — | +7.53% | +4.77% | — |
| Dow Jones Global Composite Yield Index index, same period | — | +14.87% | — | +8.86% | +6.05% | — |
| GYLD price data to Oct 27, 2026 | +3.4% | +7.1% | +14.3% | +5.6% | +4.1% | +3.0% |
- Over the year to Oct 27, 2026, GYLD returned +7.1%.
- Its 5-year annualized return was +5.6% and its 10-year +4.1%.
- In the 2020 COVID crash it fell 44.6% and regained its old high 11.4 months after the low.
- Its worst full calendar year was 2015 (-22.1%); its best was 2025 (+20.0%).
- The deepest fall in its price history was 54.1% (Sep 2, 2014 to Mar 23, 2020), recovered by Sep 16, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.4% | — |
| 2025 | +20.0% | +14.72% |
| 2024 | +4.8% | +4.05% |
| 2023 | +10.2% | +11.38% |
| 2022 | -7.8% | -7.30% |
| 2021 | +18.2% | +16.66% |
| 2020 | -11.1% | -11.47% |
| 2019 | +15.5% | +14.60% |
| 2018 | -10.0% | -9.35% |
| 2017 | +4.4% | +5.85% |
| 2016 | +15.7% | +13.86% |
| 2015 | -22.1% | — |
| 2014 | -3.4% | — |
| 2013 | +7.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.6% over that stretch · deepest drop along the way 44.6%, back to its old high 11.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.4% over that stretch · deepest drop along the way 19.4%, back to its old high 14.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7800 | |
| 2025 | $1.1500 | -32.6% |
| 2024 | $1.7068 | +81.6% |
| 2023 | $0.9400 | +59.3% |
| 2022 | $0.5900 | -28.9% |
| 2021 | $0.8300 | -15.3% |
| 2020 | $0.9800 | -22.2% |
| 2019 | $1.2601 | +2.4% |
| 2018 | $1.2300 | 0.0% |
| 2017 | $1.2300 | -8.2% |
| 2016 | $1.3400 | -24.3% |
| 2015 | $1.7700 | -7.3% |
| 2014 | $1.9100 | +27.3% |
| 2013 | $1.5000 |
What's inside
As of Jul 31, 2026, the fund held 146 securities; the ten largest made up 9.32% of assets, and 3.23% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TELEPERFORMANCE SE | 1.10% | |
| SURYA CITRA MEDIA TBK PT | 0.96% | |
| ROBERT HALF INC | 0.94% | |
| TERNIUM SA | 0.94% | |
| STANDARD LIFE PLC | 0.92% | |
| ALAMTRI RESOURCES TBK PT | 0.91% | |
| KOMERCNI BANKA AS | 0.90% | |
| CAL-MAINE FOODS INC | 0.89% | |
| BANK RAKYAT INDONESIA (PERSERO) TBK | 0.89% | |
| BANCO DEL BAJIO SA | 0.88% | |
| GRUPO FINANCIERO BANORTE SAB DE CV | 0.88% | |
| PERUSAHAAN GAS NEGARA (PERSERO) TBK PT | 0.88% | |
| INDO TAMBANGRAYA MEGAH TBK PT | 0.87% | |
| TRUWORTHS INTERNATIONAL LTD | 0.87% | |
| KUMBA IRON ORE LTD | 0.85% |
By country
United States 46.34%Indonesia 8.19%Mexico 4.94%South Africa 4.44%United Kingdom 4.12%By issuer
Companies 77.37%Foreign governments 18.64%The bonds mature in 10.7 years on average (weighted by size), with an average coupon of 6.89%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $5.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.14%, -0.08%, +2.40%.
How it works
GYLD is a passive fund. It tries to match the Dow Jones Global Composite Yield Index, not beat it, and it does not move to cash when markets fall. It keeps at least 80% of its assets in the index's securities. The index picks the highest-yielding investable securities in five groups: stocks, government bonds, corporate bonds (including "junk" bonds, which are rated below investment grade), real estate such as REITs, and energy securities such as royalty trusts and master limited partnerships (MLPs). Each group gets 20% of the index and about 30 securities, and every security in a group gets an equal share.
The index resets to those weights at the end of each quarter. The bond groups are also rebuilt every quarter, while the stock, real estate and energy groups are rebuilt once a year. Because each group always gets 20%, a lower-yielding bond may make the cut while a higher-yielding stock does not. Portfolio turnover was 91%.
The fund may hold a representative sample instead of every security, and it can put up to 20% outside the index. MLPs are capped at 25% of assets. As of July 31, 2026, it held 146 positions: 59.3% stocks and 36.7% bonds. Foreign government debt was 18.6% of assets, US issuers were 46.3% and Indonesian issuers were 8.2%. The fund held no derivatives.
What it really costs
- GYLD charges 0.75% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GYLD | $77 | $240 | $417 | $930 |
In a retirement portfolio
The fund is built to collect a high yield and pays it monthly, but the income comes with stock-like losses.
GYLD could add a large monthly income stream. Its trailing 12-month yield was 7.8% as of October 27, 2026. The trade-off is steep losses in bad markets. In the 2020 COVID crash it fell 44.6% between February 19 and March 23, 2020, then took about 11 months to recover. In 2022 it fell 19.4% and needed nearly 15 months to get back. On a price basis it lost 22.1% in 2015. Its deepest drop, 54.1% from September 2014 to March 2020, did not fully recover until September 2024. It launched in 2012, so it has no 2008 record.
Anyone who has to sell shares in a downturn could lock in large losses, and the yield does not offset them. Under the SEC's standard example, the 0.75% expense ratio comes to $930 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want monthly payouts from global stocks, bonds, REITs and energy securities in one fund; the trailing yield was 7.8% as of October 27, 2026.
- Investors who want a rules-based, equal-weighted basket of 146 positions; no single holding was above about 1.1% as of July 31, 2026.
- Those who want emerging-market and junk-bond income as a small part of a portfolio, alongside broader core holdings.
Look elsewhere if
- Cost-conscious investors: under the SEC's standard example, the 0.75% expense ratio adds up to about $930 over 10 years on $10,000.
- Retirees who can't absorb deep losses: the fund fell 54.1% from 2014 to 2020 and didn't recover until September 2024.
- Investors who want results close to the index: over 10 years through December 31, 2025, the fund returned 4.77% a year versus 6.05% for its index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does GYLD pay monthly dividends?
Yes. GYLD pays distributions every month. Over the 12 months through October 27, 2026, it paid about $1.03 per share, a trailing yield of 7.8%. The money comes from the interest, dividends and distributions of its bonds, stocks, REITs and energy securities. Payments can rise or fall as the index swaps holdings each quarter and as prices and currencies move.
Is GYLD good for retirement income?
It can supply high monthly income, but with big risk. The yield was 7.8% as of October 27, 2026. The fund fell 44.6% in the 2020 COVID crash and 19.4% in 2022. From September 2014 to March 2020 it lost 54.1%, and it didn't recover until September 2024. A retiree who sold during those drops would have locked in losses. Many investors keep a fund like this as a small slice of a larger plan.
What does GYLD invest in?
GYLD holds about 150 high-yielding securities in five equal groups: stocks, government bonds, corporate bonds, real estate and energy. As of July 31, 2026, it held 146 positions: 59.3% stocks and 36.7% bonds. The largest were Teleperformance, Surya Citra Media, Robert Half and Ternium, each about 1% of assets. US issuers made up 46.3%, followed by Indonesia (8.2%), Mexico (4.9%) and South Africa (4.4%).
What is GYLD's expense ratio?
GYLD's expense ratio is 0.75%, according to its prospectus filed May 29, 2026. All of it is the management fee, and there is no fee waiver. Under the SEC's standard example, $10,000 earning 5% a year would cost about $77 after one year, $240 after three years, $417 after five years and $930 after ten years. Fund costs come straight out of returns.
How does GYLD compare with its index?
GYLD has trailed its index, and the gap widens over longer periods. As of December 31, 2025, the fund's average annual return was 14.72% over one year, 7.53% over five years and 4.77% over ten years. The Dow Jones Global Composite Yield Index returned 14.87%, 8.86% and 6.05% over the same periods. Index returns carry no fees or trading costs, and the fund's 0.75% expense ratio and 91% turnover explain part of the difference.