# EDGAR Filing Document

**Accession Number:** 0001527428
**File Stem:** 0001580642-25-003464
**Filing Date:** 2025-6
**Character Count:** 23430
**Document Hash:** 30e1ad28649b879361debbda5de1df5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-003464.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001580642-25-003464

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arrow Investments Trust
- **CENTRAL INDEX KEY:** 0001527428

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-178164
- **FILM NUMBER:** 251025990

**BUSINESS ADDRESS:**
- **STREET 1:** 6100 CHEVY CHASE DR
- **STREET 2:** SUITE 100
- **CITY:** LAUREL
- **STATE:** MD
- **ZIP:** 20707
- **BUSINESS PHONE:** 301-260-0162

**MAIL ADDRESS:**
- **STREET 1:** 6100 CHEVY CHASE DR
- **STREET 2:** SUITE 100
- **CITY:** LAUREL
- **STATE:** MD
- **ZIP:** 20707

## Series and Classes Contracts Data

### Arrow Reserve Capital Management ETF (Series ID: S000056852)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000180528 | Arrow Reserve Capital Management ETF | ARCM            |

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| | |
|:---|:---|
| ![](image_001.jpg) | **Arrow Reserve Capital Management ETF**<br> ARCM<br> 1-877-ARROW-FD<br> (1-877-277-6933)<br> www.ArrowFunds.com |

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**Summary Prospectus June 1, 2025**

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| | |
|:---|:---|
| **Summary Prospectus** | **June 1, 2025** |

---

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information dated June 1, 2025, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at www.ArrowFunds.com. You can also obtain these documents at no cost by calling 1-877-277-6933 or by sending an email request to Info@arrowfunds.com. Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. (the "Exchange").

**<u>Investment Objective</u>**

The Fund seeks to preserve capital while maximizing current income.

**<u>Fees and Expenses of the Fund</u>**

The table below describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. **Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, on their purchases and sales of shares in the secondary market, which are not reflected in the table or the example below.**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees**<br> (fees paid directly from your investment) |  |
| &nbsp;&nbsp; **Annual Fund Operating Expenses**<br> **(expenses that you pay each year as a percentage of the value of your investment)** |  |
| &nbsp;&nbsp;Management Fees | 0.30% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | 0.00% |
| &nbsp;&nbsp;Other Expenses | 0.38% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 0.68% |
| &nbsp;&nbsp;Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | (0.18)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Waiver | 0.50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Arrow Investment Advisors, LLC (the "Advisor")
has contractually agreed to waive its fees and/or reimburse expenses of the Fund until May 31, 2026 to ensure that the Fund's Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (exclusive of any front-end or contingent deferred sales
loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense
on securities sold short, underlying fund fees and expenses, foreign custody transaction costs and foreign account set up fees, and extraordinary
expenses, such as litigation) will not exceed 0.50% of average daily net assets **.** These fee waivers and expense reimbursements are
subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have
been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limit that
was in place at the time of waiver. This agreement may be terminated by the Fund's Board of Trustees on 60 days' written notice
to the Advisor.

**<u>Example</u>**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
| $51 | $199 | $361 | $830 |

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**<u>Portfolio Turnover</u>**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 78% of the average value of its portfolio.

**<u>Principal Investment Strategies of the Fund</u>**

The Fund invests in a variety of domestic fixed income securities. The Fund invests 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 Investors Service, Inc.("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch, Inc.("Fitch"), or, if unrated, determined by the Fund's 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, Halyard Asset Management LLC, ("Halyard" or the "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. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed three years.

**<u>Principal Risks of Investing in the Fund</u>**

As with all funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value, price of shares, and performance.

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its objective.

The following risks apply to the Fund's investments.

&nbsp;&nbsp;&nbsp;&nbsp;· *Asset-Backed Securities Risk:* When the Fund invests in asset-backed securities and mortgage-backed
securities, the Fund is subject to the risk that, if the underlying borrowers fail to pay interest or repay principal, the assets backing
these securities may not be sufficient to support payments on the securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Counterparty Risk:* The Fund's use of such financial instruments, including forward contracts,
exposes the Fund to risks that are different than those associated with direct investments in portfolio securities. For example, if a
forward contract counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in
the Fund to decrease.

&nbsp;&nbsp;&nbsp;&nbsp;· *Credit Risk:* There is a risk that issuers and counterparties will not make payments on securities
and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund
may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater volatility in the price of a
security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security.

&nbsp;&nbsp;&nbsp;&nbsp;· *Derivatives Risk:* The use of derivative instruments (such as interest rate futures or forward contracts)
involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations;
(ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly
with the underlying asset. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices
are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government
programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and
changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the
risks associated with investing directly in securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *ETF Structure Risks:* The Fund is structured as an exchange-traded fund ("ETF") and
as a result is subject to the special risks, including:

o *Not Individually Redeemable:* Shares of the Fund ("Shares")
are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." There
can be no assurance that there will be sufficient liquidity in Shares in the secondary market to permit assembly of a Creation Unit.
In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Trading Issues:* Trading in Shares on the Exchange may be halted due to market conditions or for
reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no
assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the Shares being delisted. An
active trading market for the Shares may not be developed or maintained. If the securities in the Fund's portfolio are traded outside
a collateralized settlement system, the number of financial institutions that can act as authorized participants ("Authorized Participants")
that can post collateral on an agency basis is limited, which may limit the market for the Shares.

o *Market Price Variance Risk*: The market prices of Shares will fluctuate in response to changes in NAV and supply and demand
for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that
trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade
at a discount to NAV:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In times of market stress, market makers may step away from their role market making in shares of ETFs
and in executing trades, which can lead to differences between the market value of Shares and the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The market price for the Shares may deviate from the Fund's NAV, particularly during times of market
stress, with the result that investors may pay significantly more or significantly less for Shares than the Fund's NAV, which is
reflected in the bid and ask price for Shares or in the closing price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When all or a portion of an ETF's underlying securities trade in a market that is closed when the
market for the Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic
trading day, which could lead to differences between the market value of the Shares and the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating
liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between
the market value of the Shares and the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;· *Fixed Income Risk:* When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed
income securities owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your
investment will decline in value if the value of the Fund's investments decreases.

&nbsp;&nbsp;&nbsp;&nbsp;· *Futures Risk:* The Fund's use of futures involves risks different from, or possibly greater
than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk
(ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate
perfectly with the underlying index. Investments in futures involve leverage, which means a small percentage of assets invested in futures
can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested.

Futures contracts may become mispriced or improperly valued when compared to the Advisor's expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the securities upon which they are based.

&nbsp;&nbsp;&nbsp;&nbsp;· *Issuer-Specific Risk:* The value of a specific security can be more volatile than the market as
a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile
than that of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer,
political, regulatory, market, or economic developments. The value of a debt security may decline for a number of reasons directly related
to the issuer of such security, such as management performance, financial leverage and reduced demand for the issuer's goods or
services.

&nbsp;&nbsp;&nbsp;&nbsp;· *Large Shareholder Risk:* A significant percentage of the Fund's shares may be owned or controlled
by a large shareholder, such as other funds, including those of which the Adviser may have investment discretion. Accordingly, the Fund
can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by significant shareholders.
These inflows and outflows could be significant and, if frequently occurring, could negatively affect the Fund's net asset value
and performance and could cause the Fund to buy or sell securities at inopportune times in order to meet purchase or redemption requests.

&nbsp;&nbsp;&nbsp;&nbsp;· *Management Risk:* The Advisor's investment decisions about individual securities and derivatives
impact the Fund's ability to achieve its investment objective. The Advisor's judgments about the attractiveness and potential
appreciation of particular investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Advisor's
investment strategy will produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;· *Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial
markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different
country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation),
interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events
and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market
volatility and may have long term effects on both the U.S. and global financial markets.

&nbsp;&nbsp;&nbsp;&nbsp;· *Prepayment Risk:* The Fund may invest in debt securities, which may be paid off early when the issuer
of a debt security can repay the principal prior to a security's maturity. If interest rates are falling, the Fund may have to reinvest
the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income.

&nbsp;&nbsp;&nbsp;&nbsp;· *Regulatory Risk:* Regulatory authorities in the United States may restrict the ability of the Fund
to fully implement its strategy, either generally, or with respect to certain securities, industries or countries, which may impact the
Fund's ability to fully implement its investment strategies.

**<u>Fund Performance</u>**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund's shares for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund's shares over time to the performance of a broad-based market index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.ArrowFunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

**Annual Total Return**

(Year ended December 31):

![](image_002.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter | 12/31/2023 | 1.61% |
| Worst Quarter | 3/31/2022 | (0.51)% |

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The year-to-date return as of the most recent calendar quarter, which ended March 31, 2025 was 1.06%.

**Average Annual Total Returns**

(as of December 31, 2024)

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| | | | |
|:---|:---|:---|:---|
|  | **One<br> Year** | **Five**<br> **Years** | **Since<br> Inception\*** |
| Return Before Taxes | 5.10% | 2.22% | 2.08% |
| Return after Taxes on Distributions | 3.04% | 1.32% | 1.23% |
| Return after Taxes on Distributions <br> and Sale of Fund Shares | 3.00% | 1.31% | 1.22% |
| FTSE Treasury Bill 6 Month USD Index<sup>(1)</sup> | 5.55% | 2.60% | 2.32% |

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**\*** Commencement of trading was March 30, 2017.

(1) The FTSE Treasury Bill 6 Month USD Index is a market value-weighted index
of public obligations of the U.S. Treasury with maturities of six months. The Index reflects no deduction for fees, expenses or taxes.
Investors cannot invest directly in an index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account ("IRA") or other tax-advantaged accounts.

**<u>Management of the Fund</u>**

*Investment Advisor.* Arrow Investment Advisors, LLC

*Investment Sub-Advisor.* Halyard Asset Management LLC

**<u>Portfolio Managers:</u>** The following individuals are primarily responsible for the day-to-day management of the Fund's portfolio:

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| | | |
|:---|:---|:---|
| **Name** | **Title with Advisor** | **When Began Managing Fund** |
| Joseph Barrato | Chief Executive Officer | 2017 |
| Jonathan Guyer | Portfolio Manager | 2017 |

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| | | |
|:---|:---|:---|
| **Name** | **Title with Sub-Advisor** | **When Began Managing Fund** |
| Michael Kastner | Principal | 2017 |
| Steven Boyd | Principal | 2017 |
| Adam Cohn | Vice President | 2017 |

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**<u>Purchase and Sale of Fund Shares</u>**

The Fund will issue and redeem Shares at NAV only in large blocks of 50,000 Shares (each block of Shares is called a "Creation Unit") and only to Authorized Participants that have entered into agreements with the Fund's distributor. Creation Units are issued and redeemed for cash and/or in-kind for securities. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Shares of the Fund are listed for trading on the Exchange and trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than, at, or less than NAV.

**<u>Tax Information</u>**

The Fund's distributions are generally taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

**<u>Payments to Broker-Dealers and Other Financial Intermediaries</u>**

Investors purchasing shares in the secondary market through a brokerage account or with the assistance of a broker may be subject to brokerage commissions and charges. If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.