Fund Description: Arrow DWA Tactical ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of Arrow Investments Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Arrow DWA Tactical ETF seeks to achieve long-term capital appreciation with capital preservation as a secondary objective. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specified index. FUND STRATEGY: The Fund primarily invests in other exchange traded funds (ETFs) that each invest primarily in domestic and foreign (including emerging markets) (i) equity securities of any market capitalization, (ii) fixed-income securities of any credit quality, or (iii) alternative assets. In addition, the Fund may invest in commodity futures through a wholly-owned and controlled Cayman subsidiary (the Tactical Subsidiary). The Fund defines equity securities to be exchange traded common and preferred stocks; and defines fixed-income securities to be bonds, notes, debentures or similar instruments; and defines alternative assets to be investments that are historically uncorrelated to either equity or fixed income investments, which are commodity futures, commodities, exchange traded master limited partnerships (MLPs) and real estate-related securities, which include foreign and domestic exchange traded real estate investment trusts (REITs), exchange traded real estate operating companies (REOCs) or similar instruments. The Fund’s fixed income securities may be rated below investment grade also known as high-yield or junk bonds or if unrated, to be of comparable quality. The advisor uses technical analysis to allocate the Fund’s assets among the asset classes. Technical analysis is the method of evaluating securities by analyzing statistics generated by market activity, such as past prices and trading volume, in an effort to determine probable future prices. The Fund may invest up to 25% of its total assets in the Tactical Subsidiary. The Tactical Subsidiary will invest primarily in commodity futures, as well as fixed-income securities and cash equivalents, which are intended to serve as margin or collateral for the Tactical Subsidiary’s investments in commodity futures. The Fund will consolidate the Tactical Subsidiary for purposes of financial statements, leverage and concentration. The advisor may engage in frequent buying and selling of portfolio securities to achieve the Fund’s investment objectives. The Fund will not invest in options or swaps. The Fund is non-diversified. FUND MANAGEMENT: Arrow Investment Advisors, LLC serves as the investment adviser to the Fund and is also solely responsible for managing the assets of the Tactical Subsidiary. Dorsey Wright & Associates serves as the sub-adviser to the Fund.