united states
securities and exchange commission
washington, d.c. 20549
form n-csr
certified shareholder report of registered management
investment companies
| Investment Company Act file number | 811-22638 |
| | |
| Arrow Investments Trust |
| (Exact name of registrant as specified in charter) |
| |
| 6100 Chevy Chase Drive Suite 100, Laurel MD | 20707 |
| (Address of principal executive offices) | (Zip code) |
| | |
| Corporation Service Company |
| 251 Little Falls Drive |
| Wilmington, Delaware 19808 |
| (Name and address of agent for service) |
| |
| Registrant’s telephone number, including area code: | 301-260-0162 | |
| | | |
| Date of fiscal year end: | 7/31 | |
| | | |
| Date of reporting period: | 7/31/24 | |
Item 1. Reports to Stockholders.
Arrow DWA Tactical: International ETF
(DWCR) Cboe BZX Exchange, Inc.
Annual Shareholder Report - July 31, 2024
This annual shareholder report contains important information about Arrow DWA Tactical: International ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information about the Fund at www.ArrowFunds.com. You can also request this information by contacting us at 1-877-277-6933. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Arrow DWA Tactical: International ETF | $127 | 1.22% |
How did the Fund perform during the reporting period?
During the 12-month period, performance was not concentrated within any particular region, as the Fund was broadly invested in the Americas, Indo-Pacific region, Asia and Europe. The top performers were Poland (18.63%), India (17.64%) Italy (15.04%), Netherlands (12.72%) and Turkey (10.85%). The bottom performers were Brazil (-13.65%), Mexico (-10.86), Britain (-10.46), Singapore (-5.68%) and Denmark (1.87%). Increased geopolitical risks associated with the war in Ukraine and increasing tensions between Israel and Hamas and other Iranian proxies made U.S. equity markets more desirable to investors during the period. Higher trend inflation and interest rates challenged international markets relative to the U.S. markets but still performed well on the year.
How has the Fund performed since inception?
Total Return Based on $10,000 Investment
| Arrow DWA Tactical: International ETF - NAV | Dorsey Wright Country and Stock Momentum Total Return Index | MSCI Emerging Markets Investible Markets Index | MSCI ACWI ex USA Index |
|---|
| 12/28/17 | $10,000 | $10,000 | $10,000 | $10,000 |
| 07/31/18 | $9,657 | $9,951 | $9,573 | $9,891 |
| 07/31/19 | $9,308 | $9,719 | $9,340 | $9,666 |
| 07/31/20 | $9,534 | $10,353 | $9,933 | $9,730 |
| 07/31/21 | $12,599 | $14,099 | $12,296 | $12,434 |
| 07/31/22 | $10,250 | $11,872 | $9,908 | $10,536 |
| 07/31/23 | $11,168 | $13,187 | $10,900 | $11,949 |
| 07/31/24 | $12,049 | $14,856 | $11,722 | $13,113 |
Average Annual Total Returns
| 1 Year | 5 years | Since Inception (December 28, 2017) |
|---|
| Arrow DWA Tactical: International ETF - NAV | 7.89% | 5.30% | 2.87% |
| Arrow DWA Tactical: International ETF - Market Price | 7.29% | 5.58% | 2.83% |
| Dorsey Wright Country and Stock Momentum Total Return Index | 12.61% | 8.86% | 6.19% |
| MSCI ACWI ex USA Index | 9.75% | 6.29% | 4.20% |
| MSCI Emerging Markets Investible Markets Index | 7.54% | 4.65% | 2.44% |
The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
What did the Fund invest in?
Sector Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.1% |
| Equity | 99.9% |
- Net Assets$7,668,628
- Number of Portfolio Holdings11
- Advisory Fee (net of waivers)$0
- Portfolio Turnover138%
Asset Weighting (% of total investments)
| Value | Value |
|---|
| Exchange-Traded Funds | 100.0% |
| Warrant | 0.0% |
Country Weighting (% of net assets)
| Value | Value |
|---|
| Other Assets in Excess of Liabilities | 0.1% |
| Other Countries | 0.0% |
| Netherlands | 9.7% |
| Poland | 9.7% |
| Taiwan | 9.8% |
| Denmark | 10.0% |
| France | 10.0% |
| Sweden | 10.0% |
| Italy | 10.1% |
| Turkey | 10.1% |
| Spain | 10.2% |
| India | 10.3% |
Top 10 Holdings (% of net assets)
| Holding Name | % of Net Assets |
| iShares MSCI India ETF | 10.3% |
| iShares MSCI Spain ETF | 10.2% |
| iShares MSCI Italy ETF | 10.1% |
| iShares MSCI Turkey ETF | 10.1% |
| iShares MSCI Denmark ETF | 10.0% |
| iShares MSCI Sweden ETF | 10.0% |
| iShares MSCI France ETF | 10.0% |
| iShares MSCI Taiwan ETF | 9.8% |
| iShares MSCI Netherlands ETF | 9.7% |
| iShares MSCI Poland ETF | 9.7% |
This is a summary of certain changes to the Fund since August 1, 2023. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 1, 2024 at www.ArrowFunds.com or upon request at 1-877-277-6933. Effective December 1, 2023, the expense limitation for the Fund was increased from 0.95% to 1.25% of the Fund’s average daily net assets.
Where can I find additional information about the Fund?
Additional information is available on the Fund's website ( www.ArrowFunds.com ), including its:
Prospectus
Financial information
Holdings
Proxy voting information
Arrow DWA Tactical: International ETF
Annual Shareholder Report - July 31, 2024
Item 2. Code of Ethics.
| (a) | The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
| | |
| (b) | N/A |
| | |
| (c) | During the period covered by this report, there were no amendments to any provision of the code of ethics. |
| | |
| (d) | During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics. |
| | |
| (e) | N/A |
| | |
| (f) | See Item 19(a)(1) |
| | |
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant’s board of trustees has determined that Mark H. Taylor is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Taylor is independent for purposes of this Item.
(a)(2) Not applicable.
(a)(3) Not applicable.
Item 4. Principal Accountant Fees and Services.
| (a) | Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant’s principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows: |
| | |
| | 2024 - $12,000 |
| | 2023 - $12,000 |
| | |
| (b) | Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this item. |
| | |
| (c) | Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
| | |
| | 2024 – $2,300 |
| | 2023 – $2,300 |
| | |
| | Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns. |
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended June 30, 2023, and 2024 respectively. |
| | |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
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| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| | |
| (f) | Not applicable. The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was zero percent (0%). |
| | |
| (g) | All non-audit fees billed by the registrant’s principal accountant for services rendered to the registrant for the fiscal years ended July 31, 2023, and 2024 respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant’s principal accountant for the registrant’s adviser. |
| | |
| (h) | Not applicable. |
| | |
| (i) | Not applicable. |
| | |
| (j) | Not applicable. |
| | |
Item 5. Audit Committee of Listed Companies. The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. The registrant’s audit committee members are Robert S. Andrialis, Paul Montgomery and Thomas T. Sarkany.
Item 6. Schedule of Investments. The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Arrow DWA Tactical: International ETF
DWCR
Annual Financial Statements
July 31, 2024
1-877-277-6933
1-877-ARROW-FD
www.ArrowFunds.com
| ARROW DWA TACTICAL: INTERNATIONAL ETF |
| SCHEDULE OF INVESTMENTS |
| July 31, 2024 |
| Shares | | | | | Fair Value | |
| | | | | EXCHANGE-TRADED FUNDS — 99.9% | | | | |
| | | | | EQUITY - 99.9% | | | | |
| | 5,987 | | | iShares MSCI Denmark ETF | | $ | 767,054 | |
| | 19,802 | | | iShares MSCI France ETF | | | 762,575 | |
| | 13,727 | | | iShares MSCI India ETF | | | 788,205 | |
| | 20,945 | | | iShares MSCI Italy ETF | | | 777,898 | |
| | 15,103 | | | iShares MSCI Netherlands ETF | | | 746,541 | |
| | 31,284 | | | iShares MSCI Poland ETF | | | 746,436 | |
| | 24,148 | | | iShares MSCI Spain ETF | | | 783,362 | |
| | 18,880 | | | iShares MSCI Sweden ETF | | | 764,640 | |
| | 14,139 | | | iShares MSCI Taiwan ETF | | | 751,346 | |
| | 18,448 | | | iShares MSCI Turkey ETF | | | 770,757 | |
| | | | | TOTAL EXCHANGE-TRADED FUNDS (Cost $6,947,616) | | | 7,658,814 | |
| | | | | | | | | | | | | | | |
| | | | | | Expiration Date | | Exercise Price | | | | |
| | | | | WARRANTS - 0.0%(a) | | | | | | | | | | |
| | | | | BANKING - 0.0% (a) | | | | | | | | | | |
| | 4,410 | | | Kiatnakin Phatra Bank PCL (Thailand) (b)(c)(d) (Cost $0) | | 01/01/2025 | | $ | 70.00 | | | | — | |
| | | | | | | | | | | | | | | |
| | | | | TOTAL INVESTMENTS - 99.9% (Cost $6,947,616) | | | | | | | | $ | 7,658,814 | |
| | | | | OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% | | | | | | | | | 9,814 | |
| | | | | NET ASSETS - 100.0% | | | | | | | | $ | 7,668,628 | |
| ETF | - Exchange-Traded Fund |
| | |
| MSCI | - Morgan Stanley Capital International |
| (a) | Percentage rounds to less than 0.1%. |
| (b) | Non-income producing security. |
| (c) | Illiquid security. The total fair value of these securities as of July 31, 2024 was $0, representing 0.0% of net assets. |
| (d) | The fair value of this investment is determined using significant unobservable inputs. |
See accompanying notes to financial statements.
| Arrow DWA Tactical: International ETF |
| STATEMENT OF ASSETS AND LIABILITIES |
| July 31, 2024 |
| ASSETS | | | | |
| Investment securities: | | | | |
| At cost | | $ | 6,947,616 | |
| At value | | $ | 7,658,814 | |
| Dividends receivable | | | 46,276 | |
| Prepaid Expense | | | 623 | |
| Due from Advisor | | | 27,265 | |
| TOTAL ASSETS | | | 7,732,978 | |
| | | | | |
| LIABILITIES | | | | |
| Due to custodian | | | 21,051 | |
| Due to custodian - Foreign cash (Cost $3,693) | | | 4,102 | |
| Audit fees payable | | | 14,523 | |
| Custody fees payable | | | 3,058 | |
| Payable to related parties | | | 16,942 | |
| Accrued expenses and other liabilities | | | 4,674 | |
| TOTAL LIABILITIES | | | 64,350 | |
| NET ASSETS | | $ | 7,668,628 | |
| | | | | |
| Net Assets Consist Of: | | | | |
| Paid in capital | | $ | 8,740,562 | |
| Accumulated deficit | | | (1,071,934 | ) |
| NET ASSETS | | $ | 7,668,628 | |
| | | | | |
| Net Asset Value Per Share: | | | | |
| Net Assets | | $ | 7,668,628 | |
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | | | 250,000 | |
| Net asset value (Net Assets ÷ Shares Outstanding) | | $ | 30.67 | |
See accompanying notes to financial statements.
| Arrow DWA Tactical: International ETF |
| STATEMENT OF OPERATIONS |
| For the Year Ended July 31, 2024 |
| INVESTMENT INCOME | | | | |
| Dividends (net of foreign withholding tax of $20,665) | | $ | 216,420 | |
| TOTAL INVESTMENT INCOME | | | 216,420 | |
| | | | | |
| EXPENSES | | | | |
| Administrative services fees | | | 85,825 | |
| Investment advisory fees | | | 56,664 | |
| Custodian fees | | | 46,521 | |
| Transfer agent fees | | | 16,066 | |
| Audit fees | | | 15,577 | |
| Printing and postage expenses | | | 6,860 | |
| Trustees fees and expenses | | | 6,068 | |
| Legal fees | | | 4,600 | |
| Insurance expenses | | | 900 | |
| Professional fees | | | 550 | |
| Other expenses | | | 7,501 | |
| TOTAL EXPENSES | | | 247,132 | |
| Less: Fees waived/ expenses reimbursed by the Advisor | | | (148,583 | ) |
| NET EXPENSES | | | 98,549 | |
| | | | | |
| NET INVESTMENT INCOME | | | 117,871 | |
| | | | | |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | | | | |
| Net realized gain (loss) on: | | | | |
| In-kind redemptions | | | 162,840 | |
| Investments | | | 411,389 | |
| Foreign currency transactions | | | (25,231 | ) |
| | | | 548,998 | |
| Net change in unrealized depreciation on: | | | | |
| Investments | | | (22,221 | ) |
| Foreign currency translations | | | (1,329 | ) |
| | | | (23,550 | ) |
| NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | | | 525,448 | |
| | | | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 643,319 | |
See accompanying notes to financial statements.
| Arrow DWA Tactical: International ETF |
| STATEMENTS OF CHANGES IN NET ASSETS |
| | | For The | | | For The | |
| | | Year Ended | | | Year Ended | |
| | | July 31, 2024 | | | July 31, 2023 | |
| FROM OPERATIONS | | | | | | | | |
| Net investment income | | $ | 117,871 | | | $ | 262,023 | |
| Net realized gain (loss) on investments, in-kind redemptions, and foreign currency transactions | | | 548,998 | | | | (843,775 | ) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | | | (23,550 | ) | | | 1,346,772 | |
| Net increase in net assets resulting from operations | | | 643,319 | | | | 765,020 | |
| | | | | | | | | |
| DISTRIBUTIONS TO SHAREHOLDERS | | | | | | | | |
| From return of capital | | | (31,791 | ) | | | (15,652 | ) |
| Total distributions paid | | | (92,579 | ) | | | (706,104 | ) |
| Net decrease in net assets resulting from distributions to shareholders | | | (124,370 | ) | | | (721,756 | ) |
| | | | | | | | | |
| FROM SHARES OF BENEFICIAL INTEREST | | | | | | | | |
| Cost of shares redeemed | | | (1,516,518 | ) | | | (2,731,352 | ) |
| Net decrease in net assets resulting from shares of beneficial interest | | | (1,516,518 | ) | | | (2,731,352 | ) |
| | | | | | | | | |
| TOTAL DECREASE IN NET ASSETS | | | (997,569 | ) | | | (2,688,088 | ) |
| | | | | | | | | |
| NET ASSETS | | | | | | | | |
| Beginning of Year | | | 8,666,197 | | | | 11,354,285 | |
| End of Year | | $ | 7,668,628 | | | $ | 8,666,197 | |
| | | | | | | | | |
| SHARE ACTIVITY | | | | | | | | |
| Shares Redeemed | | | (50,000 | ) | | | (100,000 | ) |
| Net decrease in shares of beneficial interest outstanding | | | (50,000 | ) | | | (100,000 | ) |
See accompanying notes to financial statements.
| Arrow DWA Tactical: International ETF |
| FINANCIAL HIGHLIGHTS |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |
| | | For The | | | For The | | | For The | | | For The | | | For The | |
| | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | | | Year Ended | |
| | | July 31, 2024 | | | July 31, 2023 | | | July 31, 2022 | | | July 31, 2021 | | | July 31, 2020 | |
| Net asset value, beginning of year | | $ | 28.89 | | | $ | 28.39 | | | $ | 35.89 | | | $ | 27.34 | | | $ | 27.12 | |
| Activity from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (1) | | | 0.42 | | | | 0.72 | | | | 0.72 | | | | 0.20 | | | | 0.40 | |
| Net realized and unrealized gain (loss) on investments and foreign currency | | | 1.84 | | | | 1.69 | | | | (7.29 | ) | | | 8.58 | | | | 0.25 | |
| Total from investment operations | | | 2.26 | | | | 2.41 | | | | (6.57 | ) | | | 8.78 | | | | 0.65 | |
| Less distributions from: | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.35 | ) | | | (0.70 | ) | | | (0.93 | ) | | | (0.23 | ) | | | (0.37 | ) |
| Net realized gains | | | — | | | | (1.17 | ) | | | — | | | | — | | | | — | |
| Return of capital | | | (0.13 | ) | | | (0.04 | ) | | | — | | | | — | | | | (0.06 | ) |
| Total distributions | | | (0.48 | ) | | | (1.91 | ) | | | (0.93 | ) | | | (0.23 | ) | | | (0.43 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net asset value, end of year | | $ | 30.67 | | | $ | 28.89 | | | $ | 28.39 | | | $ | 35.89 | | | $ | 27.34 | |
| Total return (3) | | | 7.89 | % | | | 8.95 | % | | | (18.61 | )% | | | 32.14 | % | | | 2.43 | % |
| Net assets, at end of year (000s) | | $ | 7,669 | | | $ | 8,666 | | | $ | 11,354 | | | $ | 16,152 | | | $ | 10,937 | |
| Ratio of gross expenses to average net assets (4)(6) | | | 3.05 | % (11) | | | 2.72 | % (10) | | | 1.83 | % (9) | | | 2.10 | % (8) | | | 2.18 | % (7) |
| Ratio of net expenses to average net assets (4) | | | 1.22 | % (11) | | | 1.14 | % (10) | | | 1.06 | % (9) | | | 1.02 | % (8) | | | 1.15 | % (7) |
| Ratio of net investment income to average net assets (4)(5) | | | 1.46 | % | | | 2.55 | % | | | 2.14 | % | | | 0.62 | % | | | 1.54 | % |
| Portfolio Turnover Rate (2) | | | 138 | % | | | 193 | % | | | 164 | % | | | 176 | % | | | 182 | % |
| (1) | Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the period. |
| (2) | Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. |
| (3) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates. Had Arrow Investment Advisors, LLC not waived fees or reimbursed a portion of the expenses, total returns would have been lower. |
| (4) | Does not include the Fund’s share of the expenses of the underlying investment companies in which the Fund invests. |
| (5) | The recognition of investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests. (6) Represents the ratio of expenses to average net assets absent of fee waivers and/or expense reimbursements by Arrow Investment Advisors, LLC. |
| (7) | Includes 0.40% for the year ended July 31, 2020 attributed to interest expense and foreign custody transaction costs, which are not subject to waiver by the Arrow Investment Advisors, LLC. |
| (8) | Includes 0.12% for the year ended July 31, 2021 attributed to interest expense and foreign custody transaction costs, which are not subject to waiver by the Arrow Investment Advisors, LLC. |
| (9) | Includes 0.11% for the year ended July 31, 2022 attributed to interest expense and foreign custody transaction costs, which are not subject to waiver by the Arrow Investment Advisors, LLC. |
| (10) | Includes 0.19% for the year ended July 31, 2023 attributed to interest expense and foreign custody transaction costs, which are not subject to waiver by the Arrow Investment Advisors, LLC. |
| (11) | Includes 0.07% for the year ended July 31, 2024 attributed to interest expense and foreign custody transaction costs, which are not subject to waiver by the Arrow Investment Advisors, LLC. |
See accompanying notes to financial statements.
| Arrow DWA Tactical: International ETF |
| NOTES TO FINANCIAL STATEMENTS |
| July 31, 2024 |
The Arrow DWA Tactical: International ETF (the “Fund”), is a diversified series of Arrow Investments Trust, a statutory trust organized under the laws of the State of Delaware on August 2, 2011, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation by tracking the investment results of the Dorsey Wright Country and Stock Momentum Index (the “Index”). The investment objective is non-fundamental. The Fund commenced operations on December 28, 2017. The Fund is a “fund of funds”, in that they will generally invest in other investment companies.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services-Investment Companies”.
Securities valuation – Securities listed on an exchange (including exchange-traded funds (“ETFs”)) are valued at the last reported sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the last bid price on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) using methods which include current market quotations from a major market maker in the securities and based on methods which include the consideration of yields or prices of securities of comparable quality, coupon, maturity and type. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. If market quotations are not readily available or if Arrow Investment Advisors, LLC (the “Advisor”) believes the market quotations are not reflective of market value, securities will be valued at their fair value as determined in good faith by the Advisor, as the Board designated Valuation Designee, and in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”). The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. Fair value may also be used by the Valuation Designee if extraordinary events occur after the close of the relevant world market but prior to the NYSE close. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.
| Arrow DWA Tactical: International ETF |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| July 31, 2024 |
Valuation of Fund of Funds – The Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). Underlying Funds that are open-end funds (other than ETFs) are valued at their respective net asset values (“NAV”) as reported by such investment companies. The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the boards of the Underlying Funds. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any Underlying Funds that are closed-end investment companies purchased by the Fund will not change.
Exchange-Traded Funds – The Fund may invest in ETFs. An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange at market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset value. ETF shares can trade at either a premium or discount to net asset value. Each ETF, like a mutual fund, is subject to specific risks depending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing in an ETF involves substantially the same risks as investing directly in the ETF’s underlying holdings. ETFs pay fees and incur operating expenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Fund’s performance.
The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
| Arrow DWA Tactical: International ETF |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| July 31, 2024 |
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of July 31, 2024 for the Fund’s assets measured at fair value:
| Assets * | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Exchange-Traded Funds | | $ | 7,658,814 | | | $ | — | | | $ | — | | | $ | 7,658,814 | |
| Warrants | | | — | | | | — | | | | — | ^ | | | — | |
| Total | | $ | 7,658,814 | | | $ | — | | | $ | — | | | $ | 7,658,814 | |
| * | See Schedule of Investments for industry classification. |
| ^ | Includes securities values at $0. |
The Fund held Level 3 securities at the end of the year. The securities classified as Level 3 are deemed immaterial.
Security transactions and related income – Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts and premiums on debt securities are amortized over their respective lives using the effective interest method, except certain callable debt securities that are held at premium and will be amortized to the earliest call date. Dividend income is recorded on the ex-dividend date. Withholding taxes and capital gains on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Dividends and distributions to shareholders – Dividends from net investment income, if any, are generally declared and paid quarterly. Distributable net realized capital gains, if any, are declared and distributed annually. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either temporary (e.g., deferred losses) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on the ex-dividend date.
Federal Income Taxes – The Fund intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no provision for federal income tax is required. The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years July 31, 2021 – July 31, 2023 or expected to be taken in the Fund’s July 31, 2024 tax return. The Fund identified its major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Fund makes significant investments. The Fund recognizes
| Arrow DWA Tactical: International ETF |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| July 31, 2024 |
interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statement of Operations. For the year ended July 31, 2024, the Fund did not incur any interest or penalties. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
Foreign Currency – The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, and income receipts and expense payments are translated into U.S. dollars using the prevailing exchange rate at the London market close. Purchases and sales of securities are translated into U.S. dollars at the contractual currency rates established at the approximate time of the trade. Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions, gains and losses on the purchase and sale of foreign currencies and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and unrealized gain or loss on investment securities.
Expenses – Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses that are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable (as determined by the Board), taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.
Indemnification – The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.
Time Deposits – Time deposits are issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the depositor on the date specified with respect to the deposit. Time deposits do not trade in the secondary market prior to maturity. However, some time deposits may be redeemable prior to maturity and may be subject to withdrawal penalties.
Foreign Investment Risk – Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Exposures to foreign securities entail special risks, including risks due to: (i) differences in information available about foreign issuers; (ii) differences in investor protection standards in other jurisdictions; (iii) capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; (iv) political, diplomatic and economic risks; (v) regulatory risks; and (vi) foreign market and trading risks, including the costs of trading and risks of settlement in foreign jurisdictions. In addition, the Fund’s investments in securities denominated in other currencies could decline due to changes in local currency relative to the value of the U.S. dollar, which may affect the Fund’s returns.
| Arrow DWA Tactical: International ETF |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| July 31, 2024 |
Emerging Markets Risk – In addition to all of the risks of investing in foreign developed markets, emerging market securities involve risks attendant to less mature and stable governments and economies, such as lower trading volume, trading suspension, security price volatility, repatriation restrictions, government confiscation, inflation, deflation, currency devaluation and adverse government regulations of industries or markets. As a result of these risks, the prices of emerging market securities tend to be more volatile than the securities of issuers located in developed markets.
Market Risk – The net asset value of the Fund will fluctuate based on changes in the value of the individual securities and ETFs in which the Fund invests. 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, climate change and climate related events, 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.
| 3. | INVESTMENT TRANSACTIONS |
For the year ended July 31, 2024, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), amounted to $11,106,952 and $11,202,445, respectively.
For the year ended July 31, 2024, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions amounted to $0 and $1,520,840, respectively.
| 4. | INVESTMENT ADVISORY AGREEMENT / TRANSACTIONS WITH RELATED PARTIES |
The business activities of the Fund are overseen by the Board, which is responsible for the overall management of the Fund. The Advisor serves as the Fund’s investment advisor pursuant to an investment advisory agreement with the Trust on behalf of the Fund (the “Advisory Agreement”). The Trust has entered into a Global Custody Agreement with Brown Brothers Harriman & Co. to serve as custodian and to act as transfer and shareholder services agent. The Trust has also entered into an ETF Distribution Agreement (the “Distribution Agreement”) with Archer Distributors, LLC (the “Distributor”) to serve as the distributor for the Fund.
Archer Distributors, LLC, an affiliate of the Advisor is also a party to the Distribution Agreement and provides marketing services to the Fund, including responsibility for all the Fund’s marketing and advertising materials. The Distributor does not receive any compensation from the Advisor for providing services.
Pursuant to the Advisory Agreement, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a fee, computed and accrued daily and paid monthly, at an annual rate of 0.70% of the Fund’s average daily net assets.
| Arrow DWA Tactical: International ETF |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| July 31, 2024 |
Pursuant to a written contract (the “Waiver Agreement”), the Advisor has agreed, at least until December 31, 2024 to waive a portion of its advisory fee and has agreed to reimburse the Fund for other expenses to the extent necessary so that total expenses incurred (exclusive of any front end or contingent deferred sales load, 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 expenses) will not exceed 1.25% of the Fund’s average daily net assets. Effective December 1, 2023, the expense limitation for the Fund was increased from 0.95% to 1.25% of the Fund’s average daily net assets. This amount will herein be referred to as the “Expense Limitation.”
If the Advisor waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and the Fund’s operating expenses are subsequently lower than its Expense Limitation, the Advisor, on a rolling three year basis (within three years after the fees have been waived or reimbursed), shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause the Fund’s operating expenses to exceed the lesser of the Expense Limitation at the time of waiver or recapture. Such expenses may only be reimbursed to the extent they were waived or paid after the effective date of the Waiver Agreement. The Board may terminate this expense reimbursement arrangement at any time.
If the Fund’s operating expenses subsequently exceed the Expense Limitation, the reimbursements from the Fund shall be suspended. For the year ended July 31, 2024, the Advisor waived fees and reimbursed expenses in the amount of $148,583, pursuant to the Waiver Agreement.
The following amounts are subject to recapture by the Advisor by the following dates:
| | July 31, 2025 | | | July 31, 2026 | | | July 31, 2027 | |
| | $ | 115,505 | | | $ | 161,516 | | | $ | 148,583 | |
The Trust, with respect to the Fund, has adopted a distribution and service plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund is authorized to pay distribution fees to the Distributor and other firms that provide distribution and shareholder services (“Service Providers”). If a Service Provider provides these services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.
No distribution or service fees are currently paid by the Fund and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Fund.
Ultimus Fund Solutions, LLC (“UFS”) – UFS provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration and fund accounting services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.
| Arrow DWA Tactical: International ETF |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| July 31, 2024 |
Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Fund.
| 5. | CAPITAL SHARE TRANSACTIONS |
Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 50,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee payable to the Custodian may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction (“Fixed Fee”). Transaction Fees may be used to cover the custodial and other costs incurred by the Fund or disclosed as capital shares for the Fund in the Statements of Changes in Net Assets.
The Transaction Fees for the Fund are listed in the table below:
| 6. | DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL |
The tax character of distributions paid during the following years was as follows:
| | | Fiscal Year Ended | | | Fiscal Year Ended | |
| | | July 31, 2024 | | | July 31, 2023 | |
| Ordinary Income | | $ | 92,579 | | | $ | 197,240 | |
| Long-Term Capital Gain | | | — | | | | 508,864 | |
| Return of Capital | | | 31,791 | | | | 15,652 | |
| | | $ | 124,370 | | | $ | 721,756 | |
As of July 31, 2024, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:
| Undistributed | | | Undistributed | | | Post October Loss | | | Capital Loss | | | Other | | | Unrealized | | | Total | |
| Ordinary | | | Long-Term | | | and | | | Carry | | | Book/Tax | | | Appreciation/ | | | Distributable Earnings/ | |
| Income | | | Gains | | | Late Year Loss | | | Forwards | | | Differences | | | (Depreciation) | | | (Accumulated Deficit) | |
| $ | — | | | $ | — | | | $ | — | | | $ | (1,778,013 | ) | | $ | — | | | $ | 706,079 | | | $ | (1,071,934 | ) |
| Arrow DWA Tactical: International ETF |
| NOTES TO FINANCIAL STATEMENTS (Continued) |
| July 31, 2024 |
The unrealized appreciation in the table above includes unrealized foreign currency losses of $(5,119).
At July 31, 2024, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:
| Short-Term | | | Long-Term | | | Total | | | CLCF Utilized | |
| $ | 1,778,013 | | | $ | — | | | $ | 1,778,013 | | | $ | 415,401 | |
Permanent book and tax differences, primarily attributable to the tax adjustments for realized gain (loss) on in-kind redemptions, resulted in reclassifications for the Fund for the fiscal year ended July 31, 2024, as follows:
| Paid In | | | Accumulated | |
| Capital | | | Deficit | |
| $ | 153,864 | | | $ | (153,864 | ) |
| 7. | AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS |
| | | | Gross | | | Gross | | | | |
| Cost for Federal | | | Unrealized | | | Unrealized | | | Tax Net Unrealized | |
| Tax purposes | | | Appreciation | | | Depreciation | | | Appreciation | |
| $ | 6,947,616 | | | $ | 717,865 | | | $ | (6,667 | ) | | $ | 711,198 | * |
| * | Excludes Foreign Currency Unrealized |
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund, creates presumption of the control of the Fund, under Section 2(a)9 of the 1940 Act. As of July 31, 2024, Arrow DWA Tactical: Balanced Fund, an affiliate of the Fund, held 67.6% of the voting securities of the Fund.
Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued.
Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Arrow DWA Tactical: International ETF
and the Board of Trustees of Arrow Investments Trust
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Arrow Investments Trust comprising Arrow DWA Tactical: International ETF (the “Fund”) as of July 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets and financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2024, the results of its operations for the year then ended, and the changes in net assets and financial highlights for the two years then ended, in conformity with accounting principles generally accepted in the United States of America.
The Fund’s financial highlights for the year ended July 31, 2022, and prior, were audited by other auditors whose report dated September 29, 2022, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2024, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Fund’s auditor since 2023.
COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
September 27, 2024
COHEN & COMPANY, LTD.
800.229.1099 | 866.818.4538 fax | cohencpa.com
Registered with the Public Company Accounting Oversight Board
PROXY VOTING POLICY
Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-877 -277-6933 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
PORTFOLIO HOLDINGS
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC’s website at www.sec.gov.
| INVESTMENT ADVISOR |
| Arrow Investment Advisors, LLC |
| 6100 Chevy Chase Drive, Suite 100 |
| Laurel, MD 20707 |
| |
| ADMINISTRATOR |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. Not applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies. Not applicable
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. Included under Item 7 of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
None.
Item 16. Controls and Procedures.
| (a) | The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR. |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Item 19. Exhibits.
| (a)(1) | Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE |
| | |
| (a)(2) | Not applicable |
| | |
| (a)(3) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. Exhibit 99. CERT |
| | |
| (a)(4) | Not applicable. |
| | |
| (b) | Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto Exhibit 99.906CERT |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) Arrow Investments Trust |
| | |
| By (Signature and Title) | |
| /s/ Joseph Barrato | |
| Joseph Barrato, Principal Executive Officer/President |
| | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) |
| /s/ Joseph Barrato | |
| Joseph Barrato, Principal Executive Officer/President |
| |
| By (Signature and Title) |
| /s/ Sam Singh | |
| Sam Singh, Principal Financial Officer/Treasurer |
| |
