You turn around the left arm - once you've cued the turn (both arms up, right arm down [out to the side, that is], both arms up, left arm down, both arms up, right arm down, cue turn) it stays more or less in the air until you're facing front again. It's the right arm that changes position to swoop down in front of the body & around to come back up.

I learned it with a finish where the left arm comes somewhat down when the right arm comes up.

The setup starts with both arms overhead. the right arm drops to shoulder height and you do a floreo, then raise the right arm back overhead. Then the left arm drops to shoulder height for another floreo, then back up. Then the right arm drops again to shoulder height, the wrist lifts to cue going into the turn, the right arm drops to the right hip, the left arm stays overhead, you turn, then finish drawing the arms diagonally across the torso, bringing the right arm up, and the left arm out. So the left arm stays up overhead during the actual turn.