Fund Description: Arrow Reserve Capital Management ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Arrow Investments Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Arrow Reserve Capital Management ETF seeks to preserve capital while maximizing current income. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specified index. FUND STRATEGY: The Fund invests in a variety of domestic fixed income securities. The Fund will invest in fixed income instruments with a dollar-weighted average effective maturity of 0 to 2 years issued by U.S. Dollar-denominated issuers, including mortgage- or asset-backed securities, rated Baa- or higher by Moody’s or equivalently rated by S&Ps or Fitch or, if unrated, determined by the Sub-Advisor to be of comparable quality. The Fund may also invest in interest rate futures and forwards. The Fund’s investments in interest rate futures and forward contracts attempt to gain exposure to a particular group of securities or asset class without actually purchasing those securities or investments, or to hedge interest rate risk. In selecting investments for purchase and sale, the Fund’s Sub-Advisor attempts to maximize income by identifying securities that offer an acceptable yield for a given level of credit risk and maturity. The Sub-Advisor attempts to identify short duration securities that offer a comparably better return potential and yield than money market funds. The Fund is not a money market fund and is more risky than a money market fund. The Sub-Advisor may retain securities if the rating of the security falls below investment grade (commonly referred to as a junk bond), and the Sub-Advisor deems retention of the security to be in the best interests of the Fund. The average effective duration of the Fund will vary based on the Sub-Advisor’s forecast for interest rates and will normally not exceed 18 months. FUND MANAGEMENT: Arrow Investment Advisors, LLC serves as the Investment Advisor to the Fund. Halyard Asset Management LLC serves as the Sub-Advisor to the Fund.