0000910472-12-003848.txt : 20121218 0000910472-12-003848.hdr.sgml : 20121218 20121218162238 ACCESSION NUMBER: 0000910472-12-003848 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121218 DATE AS OF CHANGE: 20121218 EFFECTIVENESS DATE: 20121218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Arrow Investments Trust CENTRAL INDEX KEY: 0001527428 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-178164 FILM NUMBER: 121271585 BUSINESS ADDRESS: STREET 1: 2943 OLNEY-SANDY SPRING ROAD, SUITE A CITY: OLNEY STATE: MD ZIP: 20832 BUSINESS PHONE: 301-260-0162 MAIL ADDRESS: STREET 1: 2943 OLNEY-SANDY SPRING ROAD, SUITE A CITY: OLNEY STATE: MD ZIP: 20832 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Arrow Investments Trust CENTRAL INDEX KEY: 0001527428 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22638 FILM NUMBER: 121271586 BUSINESS ADDRESS: STREET 1: 2943 OLNEY-SANDY SPRING ROAD, SUITE A CITY: OLNEY STATE: MD ZIP: 20832 BUSINESS PHONE: 301-260-0162 MAIL ADDRESS: STREET 1: 2943 OLNEY-SANDY SPRING ROAD, SUITE A CITY: OLNEY STATE: MD ZIP: 20832 0001527428 S000035947 ARROW ALTERNATIVE SOLUTIONS FUND C000110173 ARROW ALTERNATIVE SOLUTIONS FUND CLASS A SHARES ASFFX C000110174 ARROW ALTERNATIVE SOLUTIONS FUND CLASS C SHARES ASFTX C000110175 ARROW ALTERNATIVE SOLUTIONS FUND INSTITUTIONAL CLASS SHARES ASFNX 0001527428 S000035948 ARROW DWA BALANCED FUND C000110176 ARROW DWA BALANCED FUND CLASS A SHARES DWAFX C000110177 ARROW DWA BALANCED FUND CLASS C SHARES DWATX C000110178 ARROW DWA BALANCED FUND INSTITUTIONAL CLASS SHARES DWANX 0001527428 S000035949 ARROW DWA TACTICAL FUND C000110179 ARROW DWA TACTICAL FUND CLASS A SHARES DWTFX C000110180 ARROW DWA TACTICAL FUND CLASS C SHARES DWTTX C000110181 ARROW DWA TACTICAL FUND INSTITUTIONAL CLASS SHARES DWTNX 0001527428 S000035950 ARROW MANAGED FUTURES STRATEGY FUND C000110182 ARROW MANAGED FUTURES STRATEGY FUND CLASS A SHARES MFTFX C000110183 ARROW MANAGED FUTURES STRATEGY FUND CLASS C SHARES MFTTX C000110184 ARROW MANAGED FUTURES STRATEGY FUND INSTITUTIONAL CLASS SHARES MFTNX 0001527428 S000035951 ARROW COMMODITY STRATEGY FUND C000110185 ARROW COMMODITY STRATEGY FUND CLASS A SHARES CSFFX C000110186 ARROW COMMODITY STRATEGY FUND CLASS C SHARES CSFTX C000110187 ARROW COMMODITY STRATEGY FUND INSTITUTIONAL CLASS SHARES CSFNX 485BPOS 1 arrow485bposxbrl.htm 485BPOS GemCom, LLC

Securities Act Registration No. 333-178164

Investment Company Act Registration No. 811-22638


SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ý

¨

Pre-Effective Amendment No. __

ý

Post-Effective Amendment No._ 5 _


and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ý

ý

Amendment No. 7


(Check appropriate box or boxes.)

Arrow Investments Trust

(Exact Name of Registrant as Specified in Charter)

2943 Olney Sandy Springs Road, Suite A

Olney, Maryland  20832


(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, including Area Code: (301) 260-1001

Corporation Service Company

2711 Centerville Road, Suite 400

Wilmington, Delaware  19808

(Name and Address of Agent for Service)


With copy to:

JoAnn M. Strasser, Thompson Hine LLP

41 South High Street, 17th Floor

Columbus, Ohio  43215

Approximate date of proposed public offering: As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective:

ý Immediately upon filing pursuant to paragraph (b)

¨ on (date) pursuant to paragraph (b)

¨ 60 days after filing pursuant to paragraph (a)(1)

¨ On (date) pursuant to paragraph (a)(1)

¨ 75 days after filing pursuant to paragraph (a)(2)

¨ On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

¨ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.



SIGNATURES



Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Pre-Effective Amendment to the Registrant’s Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Columbus, Ohio , on the 18th day of December, 2012.


Arrow Investments Trust


By:

/s/

 

Michael V. Wible, Attorney-in-fact


Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated on the 18th day of December, 2012.



Name

Title

Charles A Barragato*

Trustee

John Mannix*

Trustee

Paul Montgomery*

Trustee

Joseph Barrato*

Trustee, President and
Principal Executive Officer

Kevin E. Wolf*

Treasurer and
Principal Financial Officer


*By:

/s/

Michael V. Wible, Attorney-in-fact



EXHIBIT INDEX

 

 

 

 

 

 

Index No.

 

Description of Exhibit

 

 

 

EX-101.INS

  

XBRL Instance Document

 

 

EX-101.SCH

  

XBRL Taxonomy Extension Schema Document

 

 

EX-101.DEF

  

XBRL Taxonomy Extension Definition Linkbase

 

 

EX-101.LAB

  

XBRL Taxonomy Extension Labels Linkbase

 

 

EX-101.PRE

  

XBRL Taxonomy Extension Presentation Linkbase




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financial professional and in </font><font style="font-size: 10pt"><b>How to Purchase Shares</b></font><font style="font-size: 10pt"> on page 66 of the Fund's Prospectus.</font></p> <p style="margin: 0px"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="margin: 0px"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="margin: 0px"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="margin: 0px"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="margin: 0px"><b>Shareholder Fees (fees paid directly from your investment)</b></p> <p style="margin: 0px"><b>Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="margin: 0px"><b>Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="margin: 0px"><b>Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="margin: 0px"><b>Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="margin: 0px"><b>Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><b><i>Example:</i></b></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><b><i>Example:</i></b></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><b><i>Example:</i></b></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><b><i>Example:</i></b></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><b><i>Example:</i></b></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">This Example is intended to help you compare the cost 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mutual funds.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The 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. &#160;The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. &#160;Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font> </p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The 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. &#160;The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. &#160;Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font> </p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The 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. &#160;The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. &#160;Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</font> </p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The 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. &#160;The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. &#160;Although your actual costs may be higher or lower, based upon these assumptions your costs 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left"><b><i>Portfolio Turnover:</i></b></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#34;turns over&#34; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. &#160;During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#34;turns over&#34; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. &#160;During the most recent fiscal year, the Fund's portfolio turnover rate was 112% of the average value of its portfolio.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#34;turns over&#34; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. &#160;During the most recent fiscal year, the Fund's portfolio turnover rate was 262% of the average value of its portfolio.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#34;turns over&#34; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. &#160;During the most recent fiscal year, the Fund's portfolio turnover rate was 35% of the average value of its portfolio.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#34;turns over&#34; its portfolio). &#160;A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. &#160;During the most recent fiscal year, the Fund's portfolio turnover rate was 727% of the average value of its portfolio.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b>Principal Investment Strategies:</b></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b>Principal Investment Strategies:</b></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b>Principal Investment Strategies:</b></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b>Principal Investment Strategies:</b></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b>Principal Investment Strategies:</b></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The Fund seeks returns from a portfolio of leveraged long and short strategies (&#34;long/short&#34;) with a targeted amount of risk. &#160;The Fund will implement its strategy using a broad mix of financial asset classes, including U.S. and foreign equities (common or preferred stock and exchange-traded funds (ETFs) that invest in common or preferred stocks) of any capitalization range, fixed income securities of any maturity issued by the U.S. government or its agencies, mortgage backed securities, foreign government securities, domestic and foreign corporate debt of any credit rating, foreign currencies and commodities. &#160;The Fund may also invest in other open-end investment companies (mutual funds) to implement its strategy. &#160;In addition to the direct investments within each asset class, the Fund will use derivatives such as futures, options, swap agreements and structured notes to obtain long and short exposure within the same asset classes. &#160;The Fund will execute the 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short positions to minimize exposure to interest rate changes that are either mathematically or historically interrelated.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px"><font style="font-size: 10pt"><i>Managed Futures Strategy</i>: &#160;Generates returns from trends in the commodity, financial and currency futures markets<font style="font-size: 12pt"> </font>where the price of futures contracts may converge or diverge from the value of the underlying asset.</font></p><br /> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">To maintain a diversified portfolio, under normal circumstances, the Fund will have exposure to all three long/short strategies, but may have exposure to only one or two strategies. &#160;The Fund's fixed income securities may be rated below investment grade (rated BB+ or lower by S&#38;P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as &#34;high-yield&#34; or &#34;junk&#34; bonds, and in unrated debt securities determined by the sub-advisor to be of comparable quality. &#160;The Fund's international investments may be in the securities of issuers from developed market countries, such as Japan, as well as emerging markets such as Malaysia.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">To achieve the desired performance of a particular investment style and minimize the risk of substantial losses stemming from market declines while reducing volatility, Arrow Investment Advisors, LLC (the &#34;Advisor&#34;), the Fund's investment advisor, will utilize a quantitative methodology to invest in (&#34;hold long&#34;) those assets expected to outperform their asset class and sell (&#34;short&#34;) those assets expected to underperform their asset class. &#160;This long/short portfolio construction attempts to provide absolute (positive) returns by minimizing the risk of substantial losses stemming from market declines, while reducing volatility.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the &#34;Alternative Solutions Subsidiary&#34;). &#160;The Alternative Solutions Subsidiary will invest primarily in (long and short) commodity and financial futures, options and swap contracts, as well as fixed income securities and 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11pt; text-align: left"><font style="font-size: 10pt">The Fund primarily invests in (1) exchange traded funds (&#34;ETFs&#34;) that each invest primarily in (i) equity securities, (ii) fixed income securities, or (iii) alternative assets; as well as in (2) commodity futures and (3) options on commodity futures. &#160;The Fund defines equity securities to include ETFs that invest primarily in equity securities, such as common and preferred stocks; and defines fixed income securities to include ETFs that invest primarily in fixed income securities, such as bonds, notes and debentures; and defines alternative assets to include commodity futures, options on commodity futures and ETFs that invest primarily in alternative assets such as commodities and real estate-related securities. &#160;When appropriate, Arrow Investment Advisors, LLC (the &#34;Advisor&#34;), the Fund's investment advisor may elect to invest in the underlying securities of a particular ETF. &#160;The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the &#34;DWA Balanced Subsidiary&#34;). &#160;The DWA Balanced Subsidiary will invest primarily in long commodity futures and options, as well as fixed income securities and other investments intended to serve as margin or collateral for the DWA Balanced Subsidiary's derivative positions. &#160;When viewed on a consolidated basis, the DWA Balanced Subsidiary is subject to the same investment restrictions as the Fund. &#160;The Fund will consolidate the DWA Balanced Subsidiary for purposes of financial statements, leverage and concentration. &#160;&#160;The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty. &#160;The Advisor is solely responsible for managing the assets of the DWA Balanced Subsidiary.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The Fund is a &#34;fund of funds,&#34; which means that it primarily invests in ETFs. &#160;The Fund invests in securities without restriction as to capitalization, credit quality or country. &#160;Dorsey, Wright &#38; Associates, LLC (&#34;DWA&#34;), the Fund's investment sub-advisor, uses technical analysis to allocate the Fund's portfolio among the following four market segments. &#160;</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 36.46px; width: 54.73px; font-family: Symbol; float: left"><b>&#183;</b></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 54.73px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><b>U.S. Equity</b>, including sectors such as consumer goods, energy and healthcare as well as styles such as large cap growth and small cap value, and;</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 36.46px; width: 54.73px; font-family: Symbol; clear: left; float: left"><b>&#183; </b></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 54.73px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><b>International Equity</b>, including developed market countries such as Japan and emerging market countries such as Malaysia; and</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 36.46px; width: 54.73px; font-family: Symbol; clear: left; float: left"><b>&#183;</b></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 54.73px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><b>Fixed Income</b>, such as U.S. Treasury or corporate bonds of any credit quality; and</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 36.46px; width: 54.73px; font-family: Symbol; clear: left; float: left"><b>&#183;</b></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 54.73px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><b>Alternative Assets</b>, such as commodities and real estate </font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">To maintain a balanced portfolio, the Fund will, under normal circumstances, invest:</font> </p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 60.46px; font-family: Symbol; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 60.46px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">from 25% to 65% in equity securities, including ETFs that invest in international and domestic equity securities;</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 60.46px; font-family: Symbol; clear: left; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 60.46px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">from 25% to 65% in fixed income securities of any maturity and credit quality, including ETFs that invest in fixed income securities; and</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 60.46px; font-family: Symbol; clear: left; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 60.46px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">from 10% to 40% in alternative assets, including through ETFs that invest in alternative assets and through the DWA Balanced Subsidiary. &#160;</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The Fund will invest in ETFs within specific market segments when DWA's technical models indicate a high probability that the applicable market segments are likely to outperform the applicable universe. &#160;The Fund will sell interests or reduce investment exposure among a market segment and ETFs when DWA's technical models indicate that such markets or an ETF are likely to underperform the applicable universe. &#160;The Fund may be heavily invested in fixed-income ETFs, cash positions and similar securities when DWA's technical models indicate these assets should significantly outperform the equity and/or alternative market segments. &#160;Arrow Investment Advisors, LLC (the &#34;Advisor&#34;), the Fund's investment advisor, will utilize a quantitative methodology to invest in those commodity-related alternative assets expected to outperform their asset class. &#160;The Fund's fixed income securities may be rated below investment grade (rated BB+ or lower by S&#38;P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as &#34;high-yield&#34; or &#34;junk&#34; bonds, and in unrated debt securities determined by the sub-advisor to be of comparable quality. &#160;The alternative asset market segment refers to investments that are historically non-correlated to either equity or fixed income investments such as commodities or real estate.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">In general, the Fund's investments in equity securities are intended to achieve the capital appreciation component of its investment objective and the Fund's investments in fixed income securities are intended to achieve the capital preservation component of its investment objective. &#160;Under normal circumstances, the Advisor and DWA expect that the Fund will invest a combined minimum of 35% in fixed income securities and in alternative investments. &#160;The Fund's investments in alternative assets are intended to enable the portfolio to be less reliant on fixed income investments for reducing volatility and equities for increasing returns. &#160;The Advisor and DWA may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.</font></p> <p style="margin: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The Fund primarily invests in (1) exchange traded funds (&#34;ETFs&#34;) that each invest primarily in (i) equity securities, (ii) fixed income securities, or (iii) alternative assets; as well as in (2) commodity futures and (3) options on commodity futures. &#160;The Fund defines equity securities to include ETFs that invest primarily in equity securities, such as common and preferred stocks; and defines fixed income securities to include ETFs that invest primarily in fixed income securities, such as bonds, notes and debentures; and defines alternative assets to include commodity futures, options on commodity futures and ETFs that invest primarily in alternative assets such as commodities and real estate-related securities. &#160;When appropriate, Arrow Investment Advisors, LLC (the &#34;Advisor&#34;), the Fund's investment advisor may elect to invest in the underlying securities of a particular ETF. &#160;The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the &#34;DWA Tactical Subsidiary&#34;). &#160;The DWA Tactical Subsidiary will invest primarily in long commodity futures and options, as well as fixed income securities and other investments intended to serve as margin or collateral for the DWA Tactical Subsidiary's derivative positions. &#160;When viewed on a consolidated basis, the DWA Tactical Subsidiary is subject to the same investment restrictions as the Fund. &#160;The Fund will consolidate the DWA Tactical Subsidiary for purposes of financial statements, leverage and concentration. &#160;&#160;The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty. &#160;The Advisor is solely responsible for managing the assets of the DWA Tactical Subsidiary.</font></p> <p style="margin: 0px; text-align: left"><font style="font-size: 10pt">The Fund is a &#34;fund of funds,&#34; which means that it primarily invests in ETFs. &#160;The Fund invests in securities without restriction as to capitalization, credit quality or country. &#160;Dorsey, Wright &#38; Associates, LLC (&#34;DWA&#34;), the Fund's investment sub-advisor, uses technical analysis to allocate the Fund's assets among equity, fixed income, and alternative asset market segments. &#160;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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px"><font style="font-size: 10pt">Under normal circumstances, the Fund will invest:</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 36.46px; font-family: Symbol; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 36.46px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">From 0% to 100% of its assets in equity securities, including ETFs that invest in domestic and international, including emerging markets, equity securities; </font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 36.46px; font-family: Symbol; clear: left; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 36.46px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">From 0% to 100% of its assets in fixed income securities of any maturity and credit quality, including ETFs that invest in fixed income securities; and</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 36.46px; font-family: Symbol; clear: left; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 36.46px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">From 0% up to 90% of its assets in alternative assets, including through ETFs that invest in alternative assets and through the DWA Tactical Subsidiary. &#160;</font></p> <p style="margin: 0px; clear: left; text-align: left"><font style="font-size: 10pt">The Fund will invest in ETFs within specific market segments when DWA's technical models indicate a high probability that the applicable market segments and ETFs are likely to outperform the applicable universe. &#160;The Fund will sell interests or reduce investment exposure among a market segment and ETFs when DWA's technical models indicate that such markets and ETFs are likely to underperform the applicable universe. &#160;The Fund may invest heavily in fixed-income ETFs, cash positions and similar securities when DWA's technical models indicate these assets should significantly outperform the equity and/or alternative market segments. &#160;Arrow Investment Advisors, LLC (the &#34;Advisor&#34;), the Fund's investment advisor, will utilize a quantitative methodology to invest in those commodity-related alternative assets expected to outperform their asset class and sell (&#34;short&#34;) those assets expected to underperform their asset class. &#160;The Fund's fixed income securities may be rated below investment grade (rated BB+ or lower by S&#38;P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as &#34;high-yield&#34; or &#34;junk&#34; bonds, and in unrated debt securities determined by the sub-advisor to be of comparable quality. &#160;The alternative asset market segment refers to investments that are historically non-correlated to either equity or fixed income investments such as commodities or real estate. &#160;In order to gain inverse exposure to the equity markets, the Fund may use the derivatives and futures described above. &#160;The Fund also may use currency futures.</font> </p> <p style="margin: 0px; text-align: justify"><font style="font-size: 10pt">In general, the Fund's investments in equity securities are intended to achieve the capital appreciation component of the Fund's investment objectives. &#160;At times, the Fund invests in fixed income securities in order to achieve the capital preservation component of the Fund's investment objectives. &#160;The Fund's investments in alternative assets are intended to enable the portfolio to be less reliant on fixed income investments for reducing volatility and equities for increasing returns. &#160;The Advisor and DWA may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objectives.</font></p> <p style="margin-top: 0px; margin-bottom: 5px; text-align: justify"><font style="font-size: 10pt">The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. &#160;</font></p> <p style="text-align: left; margin-top: 0px; margin-bottom: 5px; font-size: 11pt"> <font style="font-size: 10pt">The Fund's advisor, Arrow Investment Advisors, LLC (the "Advisor"), seeks to achieve the Fund's investment objective by investing primarily in a combination of securities and derivatives that, as a whole, are expected to produce returns that track those of the benchmark. &#160;The Fund's benchmark is the Trader Vic Index&#8482; (the "benchmark").</font> </p> <p style="margin: 0px; text-align: left"><font style="font-size: 10pt"> The benchmark is constructed to capture both up and down price trends in physical commodities, global currencies and US interest rates. &#160;The current components of the benchmark consist of approximately 14 sectors (6 commodity and 8 financial) with a total of 24 components, allocated 50% to financial futures, e.g., interest rates and currencies, and 50% to physical commodities, e.g., energy, metals and agriculture. &#160;The components are positioned either long or short (except for the energy sector, which cannot have a short position) based on their prices relative to their moving averages.</font></p> <br /><table cellspacing="0" cellpadding="0" align="center" style="margin-top: 0px; font-size: 10pt; width: 893px"> <tr style="font-size: 10px"> <td style="width: 74px"> </td> <td style="width: 71px"> </td> <td style="width: 69px"> </td> <td style="width: 58px"> </td> <td style="width: 70px"> </td> <td style="width: 72px"> </td> <td style="width: 162px"> </td> <td style="width: 202px"> </td> </tr> <tr> <td colspan="8" style="border-left: #000000 1px solid; padding: 0px 9px; background-color: #000000; margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; vertical-align: top; width: 873px"> <p style="margin: 0px; font-size: 12pt; text-align: center"> <font style="color: #ffffff"><b>Benchmark Market, Sectors and Components Scheme</b></font> </p> </td> </tr> <tr> <td colspan="6" style="border: #000000 1px solid; padding: 0px 9px; background-color: #808080; margin-top: 0px; vertical-align: top; width: 416px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Commodity Market: Sectors &#38; Components </p> </td> <td colspan="2" style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #808080; margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; vertical-align: top; width: 345px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Financial Markets: Sectors </p> </td> </tr> <tr> <td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding: 0px 9px; background-color: #808080; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 74px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Energy+ </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #808080; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 71px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Livestock+ </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #808080; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 69px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Grains+ </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #808080; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 58px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Softs+ </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #808080; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 70px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Precious Metals+ </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #808080; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 72px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Industrial Metals+ </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #808080; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 143px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Currencies </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #808080; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 183px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> US Interest Rates </p> </td> </tr> <tr> <td style="border-left: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 74px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Heating Oil </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 71px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Hogs </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 69px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Corn </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 58px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Cocoa </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 70px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Gold </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 72px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Copper </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 143px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Australian Dollar* </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 183px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> US 10-Year Note* </p> </td> </tr> <tr> <td style="border-left: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 74px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Crude Oil </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 71px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Cattle </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 69px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Soybeans </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 58px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Coffee </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 70px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Silver </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 72px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 143px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> British Pound* </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 183px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> US 30-Year Bond* </p> </td> </tr> <tr> <td style="border-left: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 74px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Natural Gas </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 71px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 69px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Wheat </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 58px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Cotton </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 70px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 72px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 143px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Canadian Dollar* </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 183px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> </tr> <tr> <td style="border-left: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 74px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Gasoline </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 71px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 69px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 58px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Sugar </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 70px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 72px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 143px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Euro* </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 183px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> </tr> <tr> <td style="border-left: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 74px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 71px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 69px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 58px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 70px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 72px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 143px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Japanese Yen* </p> </td> <td style="padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 183px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> </tr> <tr> <td style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 74px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 71px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 69px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 58px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 70px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 72px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 143px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> Swiss Franc* </p> </td> <td style="border-bottom: #000000 1px solid; padding: 0px 9px; background-color: #ffffff; margin-top: 0px; border-right: #000000 1px solid; vertical-align: top; width: 183px"> <p style="margin: 0px; font-size: 9pt; text-align: center"> &#160; </p> </td> </tr> </table> <br /> <p style="margin: 0px; font-size: 9pt"> Definition: + represents the commodity sectors; * represents the financial sectors, which is also the financial components.</p> <br /><p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt"> The securities in the Fund's portfolio consist primarily of commodity, currency, and financial-linked structured notes; exchange-traded notes; exchange-traded funds and other investment companies (including mutual funds) that provide exposure to the managed commodities and financial futures markets. &#160;The derivatives in the Fund's portfolio consist primarily of commodity, currency, and financial-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, and equity securities.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt"> The Advisor also intends to enter into short positions and other similar transactions to track the benchmark. &#160;On certain occasions, the Fund may employ leveraging techniques to attempt to match the benchmark. &#160;On a day-to-day basis, the Fund may hold U.S. government securities, short-term, high quality fixed-income securities, money market instruments, overnight and fixed-term repurchase agreements, cash, and other cash equivalents with maturities of one year or less to collateralize its derivative positions.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt"> The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "Arrow MFT Subsidiary"). The Arrow MFT Subsidiary will invest primarily in (long and short) commodity and financial futures, options and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Arrow MFT Subsidiary's derivative positions. &#160;When viewed on a consolidated basis, the Arrow MFT Subsidiary is subject to the same investment restrictions as the Fund. &#160;The Fund will consolidate the Arrow MFT Subsidiary for purposes of financial statements, leverage and concentration. &#160;The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt"> The Fund's Advisor may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt"> The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The Fund's advisor, Arrow Investment Advisors, LLC (the &#34;Advisor&#34;), seeks to achieve the Fund's investment objective by investing primarily in a combination of securities, such as exchanged-traded notes, exchanged traded funds, mutual funds, commodity index-linked notes and commodity-linked structured notes, and derivatives that, as a whole, are expected to produce returns that closely track those of a commodity market benchmark. &#160;The Fund's benchmark is the Longview Extended Commodity Index. </font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The Longview Extended Commodity Index is a composite index of commodity sector returns, representing an unleveraged long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. &#160;Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. &#160;Commodities sectors represented in the Longview Extended Commodity Index include energy (such as oil and gas), metals, agriculture (such as corn and wheat), soft commodities (such as coffee and cocoa), and meats (such as cattle and hogs). &#160;Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets like stock and bonds. &#160;Over the long term, the returns of the fund&#146;s investment are expected to exhibit low to negative correlation with stocks and bonds.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The Fund invests in commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures that are expected to provide investment returns that are highly correlated to those of the commodities markets, without investing directly in physical commodities. &#160;On certain occasions, the Fund may employ leveraging techniques to attempt to match the benchmark. On a day-to-day basis, the Fund may hold U.S. government securities, short-term, high quality fixed-income securities, money market instruments, overnight and fixed-term repurchase agreements, cash, and other cash equivalents with maturities of one year or less to collateralize its derivative positions. &#160;The Fund is non-diversified and, therefore, may invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the &#34;Commodity Strategy Subsidiary&#34;). &#160;The Commodity Strategy Subsidiary will invest primarily in long commodity futures, options and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Commodity Strategy Subsidiary's derivative positions. The Commodity Strategy Subsidiary is subject to the same investment restrictions as the Fund. The Fund will consolidate the Commodity Strategy Subsidiary for purposes of financial statements, leverage and concentration.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">Based on its historical price analysis and return forecasts, the Adviser buys securities and derivatives that it believes will produce returns that are highly correlated to the commodity futures contracts that compose the benchmark. &#160;The Adviser sells securities and derivatives to purchase other securities and derivatives that it believes will have higher returns or more closely correlate to the commodity futures contracts in the benchmark.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b>Principal Investment Risks:</b></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b>Principal Investment Risks:</b></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b>Principal Investment Risks:</b></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b>Principal Investment Risks:</b></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b>Principal Investment Risks:</b></p> <p><font style="font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. &#160;The Fund is not intended to be a complete investment program. &#160;Many factors affect the Fund's net asset value and performance.</i></b></font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The following risks apply to the Fund through its direct investments as well as indirectly through investments in its Alternative Solutions Subsidiary.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Commodity Risk: </i>Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. &#160;Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Credit Risk: &#160;</i>There is a risk that issuers and counterparties will not make payments on securities and other investments held by a Fund, resulting in losses to the Fund. &#160;In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes. &#160;Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. &#160;Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. &#160;The Fund may invest, directly or indirectly, in &#34;junk bonds.&#34; Such securities are speculative investments that carry greater risks than higher quality debt securities.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Derivatives Risk: &#160;</i>The Fund may use derivatives (including swaps, structured notes, options, futures and options on futures) to enhance returns or hedge against market declines. &#160;The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Fixed Income Risk: &#160;</i>The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates. &#160;Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund. &#160;On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases. &#160;Your investment will decline in value if the value of the Fund's investments decreases.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Foreign Currency Risk</i>: &#160;Currency trading risks include market risk, credit risk and country risk. &#160;Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. &#160;Credit risk results because a currency-trade counterparty may default. &#160;Country risk arises because a government may interfere with transactions in its currency.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Foreign Investment Risk:</i> &#160;Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. &#160;Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Government Securities Risk</i>: &#160;The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities. &#160;These securities may be backed by the credit of the government as a whole or only by the issuing agency. &#160;No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. &#160;Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Issuer-Specific Risk: &#160;</i>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. &#160;The value of securities of smaller issuers can be more volatile than that of larger issuers. &#160;The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Leverage Risk: &#160;</i>Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Management Risk: &#160;</i>The Advisor's investment decisions about individual securities impact the Fund's ability to achieve its investment objective. &#160;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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Market Risk:</i> &#160;Overall securities and derivatives market risks will affect the value of individual instruments in which the Fund invests. &#160;Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets. &#160;When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Mortgage Backed Securities Risk:</i> &#160;Mortgage-backed securities are subject to the risk that borrowers will prepay their loans more quickly than originally expected if interest rates fall. &#160;This may force the Fund to reinvest prepayment proceeds at lower yields, which may reduce Fund performance.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Other Mutual Funds Risk</i>: &#160;Other mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. &#160;As a result, the cost of investing in the Fund will be higher than the cost of investing directly those other mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds. &#160;Other mutual funds are subject to specific risks, depending on the nature of the fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Portfolio Turnover Risk:</i> &#160;Portfolio turnover refers to the rate at which the securities held by the Fund are replaced. &#160;The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs. &#160;Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Sector Risk:</i> &#160;The Fund may focus its investments in securities of a particular sector. &#160;Economic, legislative or regulatory developments may occur that significantly affect the entire sector. &#160;This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Short Position Risk: &#160;</i>The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position. &#160;Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor&#146;s ability to accurately anticipate the future value of a security or instrument. &#160;The Fund's losses are potentially unlimited in a short position transaction.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; 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margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Taxation Risk:</i> &#160;By investing in commodities indirectly through the Alternative Solutions Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. &#160;However, because the Alternative Solutions Subsidiary is a controlled foreign corporation, any income received from the Alternative Solutions Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt"><i>Wholly-Owned Subsidiary Risk: </i>The Alternative Solutions Subsidiary will not be registered under the Investment Company Act of 1940 (&#34;1940 Act&#34;) and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. &#160;Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and Alternative Solutions Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Alternative Solutions Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. &#160;Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Alternative Solutions Subsidiary.<br /></font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. &#160;The Fund is not intended to be a complete investment program. &#160;Many factors affect the Fund's net asset value and performance.</i></b></font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The following risks apply to the Fund through its direct investments as well as indirectly through investments in ETFs and the DWA Balanced Subsidiary.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Commodity Risk: </i>ETFs investing in the commodities markets and investments in the DWA Balanced Subsidiary may subject the Fund to greater volatility than investments in traditional securities.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Credit Risk: &#160;</i>There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund or though an ETF, resulting in losses to the Fund. &#160;In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes. &#160;Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. &#160;Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. &#160;The Fund may invest, directly or indirectly, in &#34;junk bonds.&#34; &#160;Such securities are speculative investments that carry greater risks than higher quality debt securities.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Derivatives Risk: </i>The Fund may use futures and options to track the returns of commodities. &#160;Futures and options expose the Fund to leverage and tracking risks. &#160;Additionally, long option positions may expire worthless.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>ETF Risk:</i> &#160;ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. &#160;As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. &#160;The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value. &#160;Each ETF is subject to specific risks, depending on the nature of the ETF and ETFs that invest in the &#34;Alternative Asset&#34; market segment may be more volatile than other Fund investments.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Fixed Income Risk:</i> &#160;When the Fund invests in ETFs that own bonds, or in this type of security directly, the value of your investment in the Fund will fluctuate with changes in interest rates. &#160;Typically, a rise in interest rates causes a decline in the value of bond funds owned by the Fund. &#160;On the other hand, if rates fall, the value of the fixed income securities generally increases. &#160;Your investment will decline in value if the value of the Fund's investments decreases.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Foreign Investment Risk:</i> &#160;Although the Fund will not invest in the securities of foreign companies directly other than the DWA Balanced Subsidiary, it may invest in ETFs that invest in foreign international equity securities. &#160;Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. &#160;Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. &#160;</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Issuer-Specific Risk: &#160;</i>The value of a specific security or ETF can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. &#160;The value of securities of smaller issuers can be more volatile than that of larger issuers. &#160;The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Leverage Risk:</i> &#160;Using derivatives to increase the Fund's exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Management Risk: &#160;</i>The Advisor's and DWA&#146;s investment decisions about individual securities and derivatives as well as ETFs impact the Fund's ability to achieve its investment objective. &#160;The Advisor's and DWA'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 or DWA's investment strategy will produce the desired results.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Market Risk:</i> &#160;Overall stock market risks may affect the value of individual securities, derivatives and ETFs in which the Fund invests. &#160;Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. &#160;When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Non-Diversification Risk: </i>As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. &#160;The Fund may also invest in ETFs that are non-diversified. &#160;Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. &#160;This fluctuation, if significant, may affect the performance of the Fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Portfolio Turnover Risk:</i> &#160;Portfolio turnover refers to the rate at which the securities held by the Fund are replaced. &#160;The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs. &#160;Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Real Estate Risk</i>: &#160;ETFs that invest in real estate are subject to the risks associated with investing in real estate. &#160;The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and changes in interest rates.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Sector Risk:</i> &#160;The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector. &#160;Economic, legislative or regulatory developments may occur, which significantly affect the entire sector. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Small and Medium Capitalization Stock Risk:</i> &#160;The value of a small or medium capitalization company stocks or ETFs that invests in stocks of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Taxation Risk:</i> &#160;By investing in commodities indirectly through the DWA Balanced Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. &#160;However, because the DWA Balanced Subsidiary is a controlled foreign corporation, any income received from the DWA Balanced Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: 0px; text-align: left"><font style="font-size: 10pt"><i>Wholly-Owned Subsidiary Risk: &#160;</i>The DWA Balanced Subsidiary will not be registered under the Investment Company Act of 1940 (&#34;1940 Act&#34;) and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. &#160;Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and DWA Balanced Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. &#160;Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the DWA Balanced Subsidiary.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. &#160;The Fund is not intended to be a complete investment program. &#160;Many factors affect the Fund's net asset value and performance.</i></b></font></p> <p style="line-height: 14pt; margin-top: 0px; margin-bottom: 0px; text-align: justify"><font style="font-size: 10pt">The following risks apply to the Fund through its direct investments as well as indirectly through investments in ETFs and the DWA Tactical Subsidiary.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Commodity Risk:</i> &#160;ETFs investing in the commodities markets and investments in the DWA Tactical Subsidiary may subject the Fund to greater volatility than investments in traditional securities.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Credit Risk: &#160;</i>There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund directly or through an ETF, resulting in losses to the Fund. &#160;In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes. &#160;Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. &#160;Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security. &#160;The Fund may invest, directly or indirectly, in &#34;junk bonds.&#34; &#160;Such securities are speculative investments that carry greater risks than higher quality debt securities.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Derivatives Risk:</i> &#160;The Fund may use futures and options to track the returns of commodities. &#160;Futures and options expose the Fund to leverage and tracking risks. &#160;Additionally, long option positions may expire worthless.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>ETF Risk:</i> &#160;ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. &#160;As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. &#160;The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value. &#160;Each ETF is subject to specific risks, depending on the nature of the ETF and ETFs that invest in the &#34;Alternative Asset&#34; market segment may be more volatile than other Fund investments.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Fixed Income Risk:</i> &#160;When the Fund invests in ETFs that own bonds, or in this type of security directly, the value of your investment in the Fund will fluctuate with changes in interest rates. &#160;Typically, a rise in interest rates causes a decline in the value of bond funds owned by the Fund. &#160;On the other hand, if rates fall, the value of the fixed income securities generally increases. &#160;Your investment will decline in value if the value of the Fund's investments decreases.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Foreign Investment Risk:</i> Although the Fund will not invest in the securities of foreign companies directly other than the DWA Tactical Subsidiary, it may invest in ETFs that invest in foreign international equity securities. &#160;Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. &#160;Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. &#160;</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Issuer-Specific Risk: &#160;</i>The value of a specific security or ETF can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. &#160;The value of securities of smaller issuers can be more volatile than that of larger issuers. &#160;The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Leverage Risk:</i> &#160;Using derivatives to increase the Fund's exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Management Risk: &#160;</i>The Advisor and DWA's investment decisions about individual securities and derivatives as well as ETFs impact the Fund's ability to achieve its investment objective. &#160;The Advisor's and DWA'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 or DWA's investment strategy will produce the desired results.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Market Risk:</i> &#160;Overall stock market risks may affect the value of individual securities, derivatives and ETFs in which the Fund invests. &#160;Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. &#160;When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Non-Diversification Risk: &#160;</i>As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. &#160;The Fund may also invest in ETFs that are non-diversified. &#160;Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. &#160;This fluctuation, if significant, may affect the performance of the Fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Portfolio Turnover Risk:</i> &#160;Portfolio turnover refers to the rate at which the securities held by the Fund are replaced. &#160;The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs. &#160;Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Real Estate Risk</i>: &#160;ETFs that invest in real estate are subject to the risks associated with investing in real estate. &#160;The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and changes in interest rates.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Sector Risk:</i> &#160;The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector. &#160;Economic, legislative or regulatory developments may occur, which significantly affect the entire sector. &#160;This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Small and Medium Capitalization Stock Risk:</i> &#160;The value of small or medium capitalization company stocks or ETFs that invests in stocks of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Taxation Risk:</i> &#160;By investing in commodities indirectly through the DWA Tactical Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. &#160;However, because the DWA Tactical Subsidiary is a controlled foreign corporation, any income received from the DWA Tactical Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px"><font style="font-size: 10pt"><i>Wholly-Owned Subsidiary Risk: </i>The DWA Tactical Subsidiary will not be registered under the Investment Company Act of 1940 (&#34;1940 Act&#34;) and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. &#160;Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and DWA Tactical Subsidiary, respectively, are organized, could result in the inability of the Fund and/or DWA Tactical Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. &#160;Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the DWA Tactical Subsidiary.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt"><b></b><font style="font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. &#160;The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.</i></b></font></p> <p style="margin-top: 0px; margin-bottom: 0px"><font style="font-size: 10pt">The following describes the risks the Fund may bear through direct investments in securities and derivatives as well as indirectly through investments in ETFs, ETNs, structured notes and the Arrow MFT Subsidiary.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Benchmark Tracking Risk: &#160;</i>The Fund will not be able to replicate exactly the performance of the benchmark because the total return generated by the Fund's securities and derivatives will be reduced by transaction costs. &#160;In addition, the Fund will incur expenses, such as management fees, not incurred by the benchmark. &#160;The Advisor's judgments about the benchmark-tracking characteristics of securities and derivatives may prove incorrect and may not produce the desired benchmark-tracking results.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Commodity Risk:</i> &#160;Investing in the commodities markets will subject the Fund to greater volatility than investments in traditional securities. &#160;Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Credit Risk: &#160;</i>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. &#160;In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes. &#160;Lower credit quality will lead to greater volatility in the price of a security and in shares of the Fund. &#160;Lower credit quality also will affect liquidity and make it difficult for the Fund to sell the security.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Derivatives Risk: </i>The Fund may use derivatives (including swaps, options, futures and options on futures) to track the returns of the benchmark. &#160;The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>ETF Risk:</i> &#160;ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. &#160;As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. &#160;The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value. &#160;Each ETF is subject to specific risks, depending on the nature of the ETF.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>ETN Risk:</i> &#160;The Fund may invest in exchange traded notes, which are debt securities whose returns are linked to a particular index. &#160;ETNs are subject to credit risk and the value of an ETN will vary and will be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events. The Fund will bear its proportionate share of any fees and expenses borne by the ETN. </font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Fixed Income Risk:</i> &#160;The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates. &#160;Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund. &#160;On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases. &#160;Your investment will decline in value if the value of the Fund's investments decreases.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Foreign Currency Risk:</i> &#160;Currency trading risks include market risk, credit risk and country risk. &#160;Market risk results from adverse changes in exchange rates in the currencies the Fund are long or short. &#160;Credit risk results because a currency-trade counterparty may default. &#160;Country risk arises because a government may interfere with transactions in its currency.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Government Securities Risk:</i> &#160;The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities. &#160;These securities may be backed by the credit of the government as a whole or only by the issuing agency. &#160;No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. &#160;Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Issuer-Specific Risk: &#160;</i>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. &#160;The value of securities of smaller issuers can be more volatile than that of larger issuers. &#160;The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Leverage Risk: &#160;</i>Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Management Risk: &#160;</i>The Advisor's investment decisions about individual securities impact the Fund's ability to achieve its investment objective. &#160;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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Market Risk:</i> &#160;Overall securities and derivatives market risks will affect the value of individual instruments in which the Fund invests. &#160;Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets. &#160;When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Non-Diversification Risk: &#160;</i>As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. &#160;The Fund may also invest in ETFs that are non-diversified. &#160;Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. &#160;This fluctuation, if significant, may affect the performance of the Fund. </font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Other Mutual Funds Risk</i>: &#160;Other mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. &#160;As a result, the cost of investing in the Fund will be higher than the cost of investing directly those other mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds. &#160;Other mutual funds are subject to specific risks, depending on the nature of the fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Portfolio Turnover Risk:</i> &#160;Portfolio turnover refers to the rate at which the securities held by the Fund are replaced. &#160;The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which will reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs. &#160;Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Repurchase Agreement Risk</i>: &#160;A repurchase agreement involves the purchase by the Fund of securities with the agreement that, after a stated period of time, the original seller will buy back the same securities at an agreed upon price or yield. &#160;However, if the seller defaults on its obligation to repurchase the securities, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Sector Risk:</i> &#160;The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector. &#160;Economic, legislative or regulatory developments may occur, which significantly affect the entire sector. &#160;This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Short Position Risk:</i> &#160;The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position. &#160;Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor's ability to accurately anticipate the future value of a security or instrument. &#160;The Fund's losses are potentially unlimited in a short position transaction.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Structured Note Risk:</i> &#160;The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer's credit quality rating, and economic, legal, political, or geographic events that affect the referenced commodity. &#160;These notes are typically issued by banks or brokerage firms, and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices. &#160;There may be a lag between a change in the value of the underlying reference asset and the value of the structured note. &#160;The Fund may also be exposed to increased transaction costs.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Taxation Risk:</i> &#160;By investing in commodities indirectly through the Arrow MFT Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. &#160;However, because the Arrow MFT Subsidiary is a controlled foreign corporation, any income received from the Arrow MFT Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 72px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 72px; text-indent: -2px; text-align: justify"><font style="font-size: 10pt"><i>Wholly-Owned Subsidiary Risk: </i>The Arrow MFT Subsidiary will not be registered under the Investment Company Act of 1940 (&#34;1940 Act&#34;) and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. &#160;Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and Arrow MFT Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. &#160;Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Arrow MFT Subsidiary.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b></b><font style="font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. &#160;The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.</i></b></font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">The following describes the risks the Fund may bear through direct investments in securities and derivatives as well as indirectly through investments in ETFs, structured notes and the Commodity Strategy Subsidiary.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Benchmark Tracking Risk: </i>&#160;The Fund will not be able to replicate exactly the performance of the benchmark because the total return generated by the Fund's securities and derivatives will be reduced by transaction costs. &#160;In addition, the Fund will incur expenses, such as management fees, not incurred by the benchmark. &#160;The Advisor's judgments about the benchmark-tracking characteristics of securities and derivatives may prove incorrect and may not produce the desired benchmark-tracking results.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Commodity Risk: &#160;</i>Investing in the commodities markets will subject the Fund to greater volatility than investments in traditional securities. &#160;Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Credit Risk: &#160;</i>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. &#160;In addition, the credit quality of securities held by the Fund may be lowered if an issuer&#146;s financial condition changes. &#160;Lower credit quality will lead to greater volatility in the price of a security and in shares of the Fund. &#160;Lower credit quality also will affect liquidity and make it difficult for the Fund to sell the security.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Derivatives Risk: &#160;</i>The Fund may use derivatives (including swaps, options, futures and options on futures) to track the returns of the benchmark. &#160;The Fund&#146;s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>ETF Risk:</i> &#160;ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. &#160;The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value. &#160;Each ETF is subject to specific risks, depending on the nature of the ETF.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>ETN Risk</i>: &#160;The Fund may invest in exchange traded notes, which are debt securities whose returns are linked to a particular index. &#160;ETNs are subject to credit risk and the value of an ETN will vary and will be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events. &#160;The Fund will bear its proportionate share of any fees and expenses borne by the ETN.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Fixed Income Risk:</i> &#160;The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates. &#160;Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund. &#160;On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases. &#160;Your investment will decline in value if the value of the Fund&#146;s investments decreases.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Government Securities Risk:</i> &#160;The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities. &#160;These securities may be backed by the credit of the government as a whole or only by the issuing agency. &#160;No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. &#160;Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Issuer-Specific Risk: </i>&#160;&#160;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. &#160;The value of securities of smaller issuers can be more volatile than that of larger issuers. &#160;The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Leverage Risk:</i> &#160;Using derivatives to increase the Fund&#146;s exposure creates leverage, which can magnify the Fund&#146;s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund&#146;s share price.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Management Risk: &#160;</i>The Advisor's investment decisions about individual securities impact the Fund's ability to achieve its investment objective. &#160;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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Market Risk:</i> &#160;Overall securities and derivatives market risks will affect the value of individual instruments in which the Fund invests. &#160;Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets. &#160;When the value of the Fund&#146;s investments goes down, your investment in the Fund decreases in value and you could lose money.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Non-Diversification Risk:</i> &#160;Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. &#160;This fluctuation, if significant, may affect the performance of the Fund.</font></p> <p style="margin-top: 0px; margin-bottom: -2px; text-indent: 24px; width: 48px; font-family: Symbol; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 6.66px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Other Mutual Funds Risk</i>: &#160;Other mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. &#160;As a result, the cost of investing in the Fund will be higher than the cost of investing directly those other mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds. &#160;Other mutual funds are subject to specific risks, depending on the nature of the fund.</font></p> <p style="margin-top: 0px; margin-bottom: -2px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 6.66px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Portfolio Turnover Risk:</i> &#160;Portfolio turnover refers to the rate at which the securities held by the Fund are replaced. &#160;The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs. &#160;Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.</font></p> <p style="margin-top: 0px; margin-bottom: -2px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 6.66px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Repurchase Agreement Risk</i>: &#160;A repurchase agreement involves the purchase by the Fund of securities with the agreement that, after a stated period of time, the original seller will buy back the same securities at an agreed upon price or yield. &#160;However, if the seller defaults on its obligation to repurchase the securities, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.</font></p> <p style="margin-top: 0px; margin-bottom: -2px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 6.66px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Sector Risk:</i> &#160;The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector. &#160;Economic, legislative or regulatory developments may occur, which significantly affect the entire sector. &#160;This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.</font></p> <p style="margin-top: 0px; margin-bottom: -2px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 6.66px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Structured Note Risk:</i> &#160;The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer's credit quality rating, and economic, legal, political, or geographic events that affect the referenced commodity. &#160;These notes are typically issued by banks or brokerage firms, and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices. &#160;There may be a lag between a change in the value of the underlying reference asset and the value of the structured note. &#160;The Fund may also be exposed to increased transaction costs.</font></p> <p style="margin-top: 0px; margin-bottom: -2px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 6.66px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Taxation Risk:</i> &#160;By investing in commodities indirectly through the Commodity Strategy Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. &#160;However, because the Commodity Strategy Subsidiary is a controlled foreign corporation, any income received from the Commodity Strategy Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</font></p> <p style="margin-top: 0px; margin-bottom: -2px; text-indent: 24px; width: 48px; font-family: Symbol; clear: left; float: left"><i>&#183;</i></p> <p style="margin-top: 0px; margin-bottom: 6.66px; padding-left: 48px; text-indent: -2px; text-align: left"><font style="font-size: 10pt"><i>Wholly-Owned Subsidiary Risk:</i> &#160;The Commodity Strategy Subsidiary will not be registered under the Investment Company Act of 1940 (&#34;1940 Act&#34;) and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. &#160;Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Commodity Strategy Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Commodity Strategy Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. &#160;Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Commodity Strategy Subsidiary.</font></p> <p style="margin: 0px; font-size: 11pt; text-align: left"><b>Performance:</b></p> <p style="margin: 0px; font-size: 11pt; text-align: left"><b>Performance:</b></p> <p style="margin: 0px; font-size: 11pt; text-align: left"><b>Performance:</b></p> <p style="margin: 0px; font-size: 11pt; text-align: left"><b>Performance:</b></p> <p style="margin: 0px; font-size: 11pt; text-align: left"><b>Performance:</b></p> <p style="line-height: 12pt; margin: 0px; font-size: 11pt; text-align: justify"><font style="font-size: 10pt">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. &#160;The bar chart shows performance of the Fund's Class A shares for each full calendar year since the Fund's inception. &#160;The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index. &#160;The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the &#147;Predecessor Fund&#148;) to a series of Arrow Investments Trust, a Delaware statutory trust (the &#147;Reorganization&#148;). &#160;The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund. &#160;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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting <u>www.arrowfunds.com</u> or by calling 1-877-277-6933 (1-877-ARROW-FD).</font></p> <p style="line-height: 12pt; margin: 0px; font-size: 11pt; text-align: justify"><font style="font-size: 10pt">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. &#160;The bar chart shows performance of the Fund's Class A shares for each full calendar year since the Fund's inception. &#160;The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index. &#160;The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the &#147;Predecessor Fund&#148;) to a series of Arrow Investments Trust, a Delaware statutory trust (the &#147;Reorganization&#148;). &#160;The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund. &#160;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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting <u>www.arrowfunds.com</u> or by calling 1-877-277-6933 (1-877-ARROW-FD).</font></p> <p style="line-height: 12pt; margin: 0px; font-size: 11pt; text-align: justify"><font style="font-size: 10pt">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. &#160;The bar chart shows performance of the Fund's Class A shares for each full calendar year since the Fund's inception. &#160;The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index. &#160;The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the &#147;Predecessor Fund&#148;) to a series of Arrow Investments Trust, a Delaware statutory trust (the &#147;Reorganization&#148;). &#160;The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund. &#160;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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting <u>www.arrowfunds.com</u> or by calling 1-877-277-6933 (1-877-ARROW-FD).</font></p> <p style="line-height: 12pt; margin: 0px; font-size: 11pt; text-align: justify"><font style="font-size: 10pt">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. &#160;The bar chart shows performance of the Fund's Class A shares for each full calendar year since the Fund's inception. &#160;The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index. &#160;The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the &#147;Predecessor Fund&#148;) to a series of Arrow Investments Trust, a Delaware statutory trust (the &#147;Reorganization&#148;). &#160;The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund. &#160;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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year.</font></p> <p style="line-height: 12pt; margin: 0px; font-size: 11pt; text-align: justify"><font style="font-size: 10pt">Updated performance information is available at no cost by visiting <u>www.arrowfunds.com</u> or by calling 1-877-277-6933 (1-877-ARROW-FD).</font></p> <p style="line-height: 12pt; margin: 0px; font-size: 11pt; text-align: justify"><font style="font-size: 10pt">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. &#160;The bar chart shows performance of the Fund's Class A shares for each full calendar year since the Fund's inception. &#160;The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index. &#160;The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the &#147;Predecessor Fund&#148;) to a series of Arrow Investments Trust, a Delaware statutory trust (the &#147;Reorganization&#148;). &#160;The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund. &#160;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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting <u>www.arrowfunds.com</u> or by calling 1-877-277-6933 (1-877-ARROW-FD).</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left">Returns do not reflect sales charges, and would be lower if they did.</p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left">Returns do not reflect sales charges, and would be lower if they did.</p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left">Returns do not reflect sales charges, and would be lower if they did.</p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left">Returns do not reflect sales charges, and would be lower if they did.</p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left">Returns do not reflect sales charges, and would be lower if they did.</p> <p style="margin: 0px; text-align: left"><b>Class A Annual Total Return </b>(Year ended December 31)<b>:</b></p> <p style="margin: 0px; text-align: left"><b>Class A Annual Total Return </b>(Year ended December 31)<b>:</b></p> <p style="margin: 0px; text-align: left"><b>Class A Annual Total Return </b>(Year ended December 31)<b>:</b></p> <p style="margin: 0px; text-align: left"><b>Class A Annual Total Return </b>(Year ended December 31)<b>:</b></p> <p style="margin: 0px; text-align: left"><b>Class A Annual Total Return </b>(Year ended December 31)<b>:</b></p> <table cellpadding="0" cellspacing="0" align="center" style="margin-top: 0px; font-size: 10pt"><tr style="height: 0px"> <td style="margin-top: 0px; border: #000000 1px solid; vertical-align: top; width: 105px"><p style="line-height: 12pt; margin: 0px; text-align: center">Best Quarter</p> </td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 212px"><p style="line-height: 12pt; margin: 0px; text-align: center">6/30/2008</p> </td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 74px"><p style="line-height: 12pt; margin: 0px; text-align: center">4.50%</p> </td></tr> <tr><td style="margin-top: 0px; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 105px"><p style="line-height: 12pt; margin: 0px; text-align: center">Worst Quarter</p> </td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 212px"><p style="line-height: 12pt; margin: 0px; text-align: center">9/30/2008</p> </td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 74px"><p style="line-height: 12pt; margin: 0px; text-align: center">(10.42)%</p> </td></tr> </table> <br /> <p style="font-size: 11pt; text-align: left">The year-to-date return as of the most recent calendar quarter which ended September 30, 2012 &#160;(0.85)%</p> <table cellpadding="0" cellspacing="0" align="center" style="margin-top: 0px; font-size: 10pt"><tr style="height: 0px"> <td style="margin-top: 0px; border: #000000 1px solid; vertical-align: top; width: 105px"><p style="line-height: 12pt; margin: 0px; text-align: center">Best Quarter</p> </td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 212px"><p style="line-height: 12pt; margin: 0px; text-align: center">9/30/2009</p> </td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 74px"><p style="line-height: 12pt; margin: 0px; text-align: center">9.78%</p> </td></tr> <tr><td style="margin-top: 0px; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 105px"><p style="line-height: 12pt; margin: 0px; text-align: center">Worst Quarter</p> </td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 212px"><p style="line-height: 12pt; margin: 0px; text-align: center">9/30/2008</p> </td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 74px"><p style="line-height: 12pt; margin: 0px; text-align: center">(15.57)%</p> </td></tr> </table> <br /> <p style="font-size: 11pt; text-align: left">The year-to-date return as of the most recent calendar quarter which ended September 30, 2012 &#160;7.76%</p> <table cellpadding="0" cellspacing="0" align="center" style="margin-top: 0px; font-size: 10pt"><tr style="height: 0px"> <td style="margin-top: 0px; border: #000000 1px solid; vertical-align: top; width: 105px"><p style="line-height: 12pt; margin: 0px; text-align: center">Best Quarter</p> </td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 212px"><p style="line-height: 12pt; margin: 0px; text-align: center">9/30/2009</p> </td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 74px"><p style="line-height: 12pt; margin: 0px; text-align: center">13.06%</p> </td></tr> <tr><td style="margin-top: 0px; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 105px"><p style="line-height: 12pt; margin: 0px; text-align: center">Worst Quarter</p> </td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 212px"><p style="line-height: 12pt; margin: 0px; text-align: center">9/30/2011</p> </td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 74px"><p style="line-height: 12pt; margin: 0px; text-align: center">(11.03)%</p> </td></tr> </table> <br /> <p style="font-size: 11pt; text-align: left">The year-to-date return as of the most recent calendar quarter which ended September 30, 2012 &#160;5.21%</p> <table cellpadding="0" cellspacing="0" align="center" style="margin-top: 0px; font-size: 10pt"><tr style="height: 0px"> <td style="margin-top: 0px; border: #000000 1px solid; vertical-align: top; width: 105px"><p style="line-height: 12pt; margin: 0px; text-align: center">Best Quarter</p> </td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 212px"><p style="line-height: 12pt; margin: 0px; text-align: center">3/31/2011</p> </td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 74px"><p style="line-height: 12pt; margin: 0px; text-align: center">3.48%</p> </td></tr> <tr><td style="margin-top: 0px; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 105px"><p style="line-height: 12pt; margin: 0px; text-align: center">Worst Quarter</p> </td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 212px"><p style="line-height: 12pt; margin: 0px; text-align: center">9/30/2011</p> </td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 74px"><p style="line-height: 12pt; margin: 0px; text-align: center">(3.96)%</p> </td></tr> </table> <br /> <p style="font-size: 11pt; text-align: left">The year-to-date return as of the most recent calendar quarter which ended September 30, 2012 &#160;(12.03)%</p> <table cellpadding="0" cellspacing="0" align="center" style="margin-top: 0px; font-size: 10pt"><tr style="height: 0px"> <td style="margin-top: 0px; border: #000000 1px solid; vertical-align: top; width: 105px"><p style="line-height: 12pt; margin: 0px; text-align: center">Best Quarter</p> </td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 212px"><p style="line-height: 12pt; margin: 0px; text-align: center">3/31/2011</p> </td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 74px"><p style="line-height: 12pt; margin: 0px; text-align: center">10.90%</p> </td></tr> <tr><td style="margin-top: 0px; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 105px"><p style="line-height: 12pt; margin: 0px; text-align: center">Worst Quarter</p> </td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 212px"><p style="line-height: 12pt; margin: 0px; text-align: center">9/30/2011</p> </td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 74px"><p style="line-height: 12pt; margin: 0px; text-align: center">(9.89)%</p> </td></tr> </table> <br /> <p style="font-size: 11pt; text-align: left">The year-to-date return as of the most recent calendar quarter which ended September 30, 2012 &#160;6.17%</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ait_S000035947Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ait_S000035948Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ait_S000035949Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ait_S000035950Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact ait_S000035951Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p style="line-height: 12pt; margin-top: 0px; margin-bottom: 0px"><font style="font-size: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. &#160;Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. &#160;After-tax returns for Class C shares will differ from those of Class A shares. &#160;The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#34;IRA&#34;).</font></p> <p style="line-height: 12pt; margin-top: 0px; margin-bottom: 0px"><font style="font-size: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. &#160;Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. &#160;After-tax returns for Class C shares will differ from those of Class A shares. &#160;The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#34;IRA&#34;).</font></p> <p style="line-height: 12pt; margin-top: 0px; margin-bottom: 0px"><font style="font-size: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. &#160;Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. &#160;After-tax returns for Class C shares will differ from those of Class A shares. &#160;The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#34;IRA&#34;).</font></p> <p style="line-height: 12pt; margin-top: 0px; margin-bottom: 0px"><font style="font-size: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. &#160;Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. &#160;After-tax returns for Class C shares will differ from those of Class A shares. &#160;The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#34;IRA&#34;).</font></p> <p style="line-height: 12pt; margin-top: 0px; margin-bottom: 0px"><font style="font-size: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. &#160;Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. &#160;After-tax returns for Class C shares will differ from those of Class A shares. &#160;The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#34;IRA&#34;).</font></p> 0.25 1.12 2.62 0.35 7.27 <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left"><font style="font-size: 10pt">To maintain a balanced portfolio, the Fund will, under normal circumstances, invest:</font> </p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 60.46px; font-family: Symbol; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 60.46px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">from 25% to 65% in equity securities, including ETFs that invest in international and domestic equity securities;</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 60.46px; font-family: Symbol; clear: left; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 60.46px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">from 25% to 65% in fixed income securities of any maturity and credit quality, including ETFs that invest in fixed income securities; and</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 48px; width: 60.46px; font-family: Symbol; clear: left; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 60.46px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">from 10% to 40% in alternative assets, including through ETFs that invest in alternative assets and through the DWA Balanced Subsidiary. &#160;</font></p> <p style="margin-top: 0px; margin-bottom: 0px"><font style="font-size: 10pt">Under normal circumstances, the Fund will invest:</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 36.46px; font-family: Symbol; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 36.46px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt">From 0% to 100% of its assets in equity securities, including ETFs that invest in domestic and international, including emerging markets, equity securities;</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 36.46px; font-family: Symbol; clear: left; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 36.46px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt">From 0% to 100% of its assets in fixed income securities of any maturity and credit quality, including ETFs that invest in fixed income securities; and</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-indent: 24px; width: 36.46px; font-family: Symbol; clear: left; float: left">&#183;</p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 36.46px; text-indent: 0px; text-align: justify"><font style="font-size: 10pt">From 0% up to 90% of its assets in alternative assets, including through ETFs that invest in alternative assets and through the DWA Tactical Subsidiary.</font></p> <p style="margin-top: 0px; margin-bottom: 0px"><font style="font-size: 10pt">The current components of the benchmark consist of approximately 14 sectors (6 commodity and 8 financial) with a total of 24 components, allocated 50% to financial futures, e.g., interest rates and currencies, and 50% to physical commodities, e.g., energy, metals and agriculture.</font></p> <p style="margin-top: 0px; margin-bottom: 0px"><font style="font-size: 10pt">The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the &#34;Commodity Strategy Subsidiary&#34;).</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">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.</font></p> 1-877-277-6933 1-877-277-6933 1-877-277-6933 1-877-277-6933 1-877-277-6933 www.arrowfunds.com www.arrowfunds.com www.arrowfunds.com www.arrowfunds.com www.arrowfunds.com <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">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.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left">Returns do not reflect sales charges, and would be lower if they did.</p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left">Returns do not reflect sales charges, and would be lower if they did.</p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left">Returns do not reflect sales charges, and would be lower if they did.</p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left">Returns do not reflect sales charges, and would be lower if they did.</p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: left">Returns do not reflect sales charges, and would be lower if they did.</p> Best Quarter Best Quarter Best Quarter Best Quarter Best Quarter 2008-06-30 2009-09-30 2009-09-30 2011-03-31 2011-03-31 0.0450 0.0978 0.1306 0.0348 0.1090 Worst Quarter Worst Quarter Worst Quarter Worst Quarter Worst Quarter 2008-09-30 2008-09-30 2011-09-30 2011-09-30 2011-09-30 -0.1042 -0.1557 -0.1103 -0.0396 -0.0989 <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">(reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">(reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">(reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">(reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">(reflects no deduction for fees, expenses or taxes)</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").</font></p> <p style="margin-top: 0px; margin-bottom: 0px"><b>Average Annual Total Returns</b> (as of December 31, 2011) </p> <p style="margin-top: 0px; margin-bottom: 0px"><b>Average Annual Total Returns</b> (as of December 31, 2011) </p> <p style="margin-top: 0px; margin-bottom: 0px"><b>Average Annual Total Returns</b> (as of December 31, 2011) </p> <p style="margin-top: 0px; margin-bottom: 0px"><b>Average Annual Total Returns</b> (as of December 31, 2011) </p> <p style="margin-top: 0px; margin-bottom: 0px"><b>Average Annual Total Returns</b> (as of December 31, 2011) </p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><font style="font-size: 10pt">You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.</font></p> <p style="margin: 0px; font-size: 9pt">Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.</p> <p style="margin: 0px; font-size: 9pt">Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.</p> <p style="margin: 0px; font-size: 9pt">Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.</p> <p style="margin: 0px; font-size: 9pt">Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.</p> <p style="margin: 0px; font-size: 9pt">Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.</p> 25000 25000 25000 25000 25000 2012-09-30 2012-09-30 2012-09-30 2012-09-30 2012-09-30 -0.0085 0.0776 0.0521 -0.1203 0.0617 <p style="margin-top: 0px; margin-bottom: 0px; text-align: justify">The year-to-date return as of the most recent calendar quarter </p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: justify">The year-to-date return as of the most recent calendar quarter </p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: justify">The year-to-date return as of the most recent calendar quarter </p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: justify">The year-to-date return as of the most recent calendar quarter </p> <p style="margin-top: 0px; margin-bottom: 0px; text-align: justify">The year-to-date return as of the most recent calendar quarter </p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b></b><font style="font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</i></b></font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b></b><font style="font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</i></b></font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b></b><font style="font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</i></b></font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b></b><font style="font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</i></b></font></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left"><b></b><font style="font-size: 10pt"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.</i></b></font></p> 0.1528 0.0118 0.0096 0.0090 0.0161 0.0650 -0.0025 <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 0px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. &#160;The Fund may also invest in ETFs that are non-diversified. &#160;Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. &#160;This fluctuation, if significant, may affect the performance of the Fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 0px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. &#160;The Fund may also invest in ETFs that are non-diversified. &#160;Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. &#160;This fluctuation, if significant, may affect the performance of the Fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 0px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. &#160;The Fund may also invest in ETFs that are non-diversified. &#160;Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. &#160;This fluctuation, if significant, may affect the performance of the Fund.</font></p> <p style="margin-top: 0px; margin-bottom: 0px; padding-left: 0px; text-indent: 0px; text-align: left"><font style="font-size: 10pt">Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. This fluctuation, if significant, may affect the performance of the Fund.</font></p> <p style="line-height: 12pt; margin-top: 0px; margin-bottom: 0px; font-size: 11pt; text-align: left">w<font style="font-size: 10pt">ith capital preservation as a secondary objective.</font></p> -0.0022 -0.0022 -0.0022 0.0205 0.0280 0.0180 2013-11-30 Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. The Fund's adviser has contractually agreed to waive its fees and/or reimburse expenses of the Fund, at least until November 30, 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any brokerage fees and commissions, distribution fees, 12b-1 fees, Acquired Fund Fees and Expenses, borrowing costs, taxes and extraordinary expenses, such as litigation, do not exceed 2.00%, 2.75% and 1.75% of its average daily net assets of the Class A, Class C and Institutional Class shares, respectively of Fund. 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 foregoing expense limits. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the Fund's adviser. 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Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart [Heading] Bar Chart Narrative [Text Block] Bar Chart Does Not Reflect Sales Loads [Text] Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Heading Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Narrative Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Performance Table Footnotes Performance Table Closing [Text Block] Caption Column Label 1 Year 5 Years 10 Years Since Inception Inception Date 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XML 14 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
[RiskReturnAbstract] rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2011
Registrant Name dei_EntityRegistrantName Arrow Investments Trust
Central Index Key dei_EntityCentralIndexKey 0001527428
Amendment Flag dei_AmendmentFlag false
Trading Symbol dei_TradingSymbol ait
Document Creation Date dei_DocumentCreationDate Dec. 06, 2012
Document Effective Date dei_DocumentEffectiveDate Dec. 06, 2012
Prospectus Date rr_ProspectusDate Dec. 01, 2012
ARROW ALTERNATIVE SOLUTIONS FUND
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

ARROW ALTERNATIVE SOLUTIONS FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks capital appreciation with an emphasis on absolute (positive) returns, low volatility and low correlation to the equity markets.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 66 of the Fund's Prospectus.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 25% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 25.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

Expense Example [Heading] rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The 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.  The 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 upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund seeks returns from a portfolio of leveraged long and short strategies ("long/short") with a targeted amount of risk.  The Fund will implement its strategy using a broad mix of financial asset classes, including U.S. and foreign equities (common or preferred stock and exchange-traded funds (ETFs) that invest in common or preferred stocks) of any capitalization range, fixed income securities of any maturity issued by the U.S. government or its agencies, mortgage backed securities, foreign government securities, domestic and foreign corporate debt of any credit rating, foreign currencies and commodities.  The Fund may also invest in other open-end investment companies (mutual funds) to implement its strategy.  In addition to the direct investments within each asset class, the Fund will use derivatives such as futures, options, swap agreements and structured notes to obtain long and short exposure within the same asset classes.  The Fund will execute the following three long/short strategies, which encompass a variety of equity, fixed income and managed futures investment styles each with a low correlation to the U.S. equity market:

·

Hedged Equities Strategy:  Generates returns by investing on both the long and short sides of U.S. and international equity markets.

·

Fixed Income Arbitrage Strategy:  Generates returns from relationships between different fixed income securities, employing long and short positions to minimize exposure to interest rate changes that are either mathematically or historically interrelated.

·

Managed Futures Strategy:  Generates returns from trends in the commodity, financial and currency futures markets where the price of futures contracts may converge or diverge from the value of the underlying asset.


To maintain a diversified portfolio, under normal circumstances, the Fund will have exposure to all three long/short strategies, but may have exposure to only one or two strategies.  The Fund's fixed income securities may be rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as "high-yield" or "junk" bonds, and in unrated debt securities determined by the sub-advisor to be of comparable quality.  The Fund's international investments may be in the securities of issuers from developed market countries, such as Japan, as well as emerging markets such as Malaysia.

To achieve the desired performance of a particular investment style and minimize the risk of substantial losses stemming from market declines while reducing volatility, Arrow Investment Advisors, LLC (the "Advisor"), the Fund's investment advisor, will utilize a quantitative methodology to invest in ("hold long") those assets expected to outperform their asset class and sell ("short") those assets expected to underperform their asset class.  This long/short portfolio construction attempts to provide absolute (positive) returns by minimizing the risk of substantial losses stemming from market declines, while reducing volatility.

The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "Alternative Solutions Subsidiary").  The Alternative Solutions Subsidiary will invest primarily in (long and short) commodity and financial futures, options and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Alternative Solutions Subsidiary's derivative positions.  When viewed on a consolidated basis, the Alternative Solutions Subsidiary is subject to the same investment restrictions as the Fund.  The Fund will consolidate the Alternative Solutions Subsidiary for purposes of financial statements, leverage and concentration The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.

The Fund's Advisor may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.

Risk [Heading] rr_RiskHeading

Principal Investment Risks:

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program.  Many factors affect the Fund's net asset value and performance.

The following risks apply to the Fund through its direct investments as well as indirectly through investments in its Alternative Solutions Subsidiary.

·

Commodity Risk: Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities.  Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

·

Credit Risk:  There is a risk that issuers and counterparties will not make payments on securities and other investments held by a 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.  The Fund may invest, directly or indirectly, in "junk bonds." Such securities are speculative investments that carry greater risks than higher quality debt securities.

·

Derivatives Risk:  The Fund may use derivatives (including swaps, structured notes, options, futures and options on futures) to enhance returns or hedge against market declines.  The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

·

Fixed Income Risk:  The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates.  Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund.  On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases.  Your investment will decline in value if the value of the Fund's investments decreases.

·

Foreign Currency Risk:  Currency trading risks include market risk, credit risk and country risk.  Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short.  Credit risk results because a currency-trade counterparty may default.  Country risk arises because a government may interfere with transactions in its currency.

·

Foreign Investment Risk:  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

·

Government Securities Risk:  The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities.  These securities may be backed by the credit of the government as a whole or only by the issuing agency.  No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.  Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.

·

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.

·

Leverage Risk:  Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk:  The Advisor's investment decisions about individual securities 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.

·

Market Risk:  Overall securities and derivatives market risks will affect the value of individual instruments in which the Fund invests.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

·

Mortgage Backed Securities Risk:  Mortgage-backed securities are subject to the risk that borrowers will prepay their loans more quickly than originally expected if interest rates fall.  This may force the Fund to reinvest prepayment proceeds at lower yields, which may reduce Fund performance.

·

Other Mutual Funds Risk:  Other mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly those other mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Other mutual funds are subject to specific risks, depending on the nature of the fund.

·

Portfolio Turnover Risk:  Portfolio turnover refers to the rate at which the securities held by the Fund are replaced.  The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs.  Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

·

Sector Risk:  The Fund may focus its investments in securities of a particular sector.  Economic, legislative or regulatory developments may occur that significantly affect the entire sector.  This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

·

Short Position Risk:  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor’s ability to accurately anticipate the future value of a security or instrument.  The Fund's losses are potentially unlimited in a short position transaction.

·

Small and Medium Capitalization Stock Risk: Small and medium capitalization companies may be more vulnerable than larger, more established organizations to adverse business or economic developments.  In particular, these companies may have limited product lines, markets, and financial resources and may be dependent upon a relatively small management group.  These securities may trade over-the-counter or be listed on an exchange and may or may not pay dividends.

·

Sovereign Debt Risk:  The issuer of the foreign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default.  The market prices of sovereign debt, and the Fund's net asset value, may be more volatile than prices of U.S. debt obligations and certain emerging markets may encounter difficulties in servicing their debt obligations.

·

Structured Note Risk:  The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer's credit quality rating, and economic, legal, political, or geographic events that affect the referenced commodity.  These notes are typically issued by banks or brokerage firms, and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices.  There may be a lag between a change in the value of the underlying reference asset and the value of the structured note.  The Fund may also be exposed to increased transaction costs.

·

Taxation Risk:  By investing in commodities indirectly through the Alternative Solutions Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the Alternative Solutions Subsidiary is a controlled foreign corporation, any income received from the Alternative Solutions Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

·

Wholly-Owned Subsidiary Risk: The Alternative Solutions Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and Alternative Solutions Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Alternative Solutions Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Alternative Solutions Subsidiary.

Risk Lose Money [Text] rr_RiskLoseMoney

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance:

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

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 Class A shares for each full calendar year since the Fund's inception.  The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index.  The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the “Predecessor Fund”) to a series of Arrow Investments Trust, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund.  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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting www.arrowfunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

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.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-877-277-6933
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.arrowfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture

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.

Bar Chart [Heading] rr_BarChartHeading

Class A Annual Total Return (Year ended December 31):

Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock

Returns do not reflect sales charges, and would be lower if they did.

Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads

Returns do not reflect sales charges, and would be lower if they did.

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter

6/30/2008

4.50%

Worst Quarter

9/30/2008

(10.42)%


The year-to-date return as of the most recent calendar quarter which ended September 30, 2012  (0.85)%

Year to Date Return, Label rr_YearToDateReturnLabel

The year-to-date return as of the most recent calendar quarter

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (0.85%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.50%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (10.42%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred

The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns for Class C shares will differ from those of Class A shares.  The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

Caption rr_AverageAnnualReturnCaption

Average Annual Total Returns (as of December 31, 2011)

ARROW ALTERNATIVE SOLUTIONS FUND | ARROW ALTERNATIVE SOLUTIONS FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ASFFX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.86%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.09% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.95%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 762
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,152
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,567
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,719
Annual Return 2008 rr_AnnualReturn2008 (12.10%)
Annual Return 2009 rr_AnnualReturn2009 1.51%
Annual Return 2010 rr_AnnualReturn2010 (3.75%)
Annual Return 2011 rr_AnnualReturn2011 (0.84%)
1 Year rr_AverageAnnualReturnYear01 (6.57%)
Since Inception rr_AverageAnnualReturnSinceInception (4.62%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2007
ARROW ALTERNATIVE SOLUTIONS FUND | ARROW ALTERNATIVE SOLUTIONS FUND CLASS C SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ASFTX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.86%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.09% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.70%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 273
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 838
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,430
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,032
1 Year rr_AverageAnnualReturnYear01 (1.59%)
Since Inception rr_AverageAnnualReturnSinceInception (3.95%)
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 31, 2007
ARROW ALTERNATIVE SOLUTIONS FUND | ARROW ALTERNATIVE SOLUTIONS FUND INSTITUTIONAL CLASS SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ASFNX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.86% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.09% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.70%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 173
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 536
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 923
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,009
ARROW ALTERNATIVE SOLUTIONS FUND | After Taxes on Distributions | ARROW ALTERNATIVE SOLUTIONS FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (7.14%)
Since Inception rr_AverageAnnualReturnSinceInception (5.04%)
ARROW ALTERNATIVE SOLUTIONS FUND | Return after Taxes on Distributions and Sale of Fund Shares | ARROW ALTERNATIVE SOLUTIONS FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.26%)
Since Inception rr_AverageAnnualReturnSinceInception (4.11%)
ARROW ALTERNATIVE SOLUTIONS FUND | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
Since Inception rr_AverageAnnualReturnSinceInception (2.74%)
ARROW DWA BALANCED FUND
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

ARROW DWA BALANCED FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to achieve an appropriate balance between long-term capital appreciation and capital preservation.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 66 of the Fund's Prospectus.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 112% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 112.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

Expense Example [Heading] rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The 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.  The 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 upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund primarily invests in (1) exchange traded funds ("ETFs") that each invest primarily in (i) equity securities, (ii) fixed income securities, or (iii) alternative assets; as well as in (2) commodity futures and (3) options on commodity futures.  The Fund defines equity securities to include ETFs that invest primarily in equity securities, such as common and preferred stocks; and defines fixed income securities to include ETFs that invest primarily in fixed income securities, such as bonds, notes and debentures; and defines alternative assets to include commodity futures, options on commodity futures and ETFs that invest primarily in alternative assets such as commodities and real estate-related securities.  When appropriate, Arrow Investment Advisors, LLC (the "Advisor"), the Fund's investment advisor may elect to invest in the underlying securities of a particular ETF.  The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "DWA Balanced Subsidiary").  The DWA Balanced Subsidiary will invest primarily in long commodity futures and options, as well as fixed income securities and other investments intended to serve as margin or collateral for the DWA Balanced Subsidiary's derivative positions.  When viewed on a consolidated basis, the DWA Balanced Subsidiary is subject to the same investment restrictions as the Fund.  The Fund will consolidate the DWA Balanced Subsidiary for purposes of financial statements, leverage and concentration.   The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.  The Advisor is solely responsible for managing the assets of the DWA Balanced Subsidiary.

The Fund is a "fund of funds," which means that it primarily invests in ETFs.  The Fund invests in securities without restriction as to capitalization, credit quality or country.  Dorsey, Wright & Associates, LLC ("DWA"), the Fund's investment sub-advisor, uses technical analysis to allocate the Fund's portfolio among the following four market segments.  

·

U.S. Equity, including sectors such as consumer goods, energy and healthcare as well as styles such as large cap growth and small cap value, and;

·

International Equity, including developed market countries such as Japan and emerging market countries such as Malaysia; and

·

Fixed Income, such as U.S. Treasury or corporate bonds of any credit quality; and

·

Alternative Assets, such as commodities and real estate

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.

To maintain a balanced portfolio, the Fund will, under normal circumstances, invest:

·

from 25% to 65% in equity securities, including ETFs that invest in international and domestic equity securities;

·

from 25% to 65% in fixed income securities of any maturity and credit quality, including ETFs that invest in fixed income securities; and

·

from 10% to 40% in alternative assets, including through ETFs that invest in alternative assets and through the DWA Balanced Subsidiary.  

The Fund will invest in ETFs within specific market segments when DWA's technical models indicate a high probability that the applicable market segments are likely to outperform the applicable universe.  The Fund will sell interests or reduce investment exposure among a market segment and ETFs when DWA's technical models indicate that such markets or an ETF are likely to underperform the applicable universe.  The Fund may be heavily invested in fixed-income ETFs, cash positions and similar securities when DWA's technical models indicate these assets should significantly outperform the equity and/or alternative market segments.  Arrow Investment Advisors, LLC (the "Advisor"), the Fund's investment advisor, will utilize a quantitative methodology to invest in those commodity-related alternative assets expected to outperform their asset class.  The Fund's fixed income securities may be rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as "high-yield" or "junk" bonds, and in unrated debt securities determined by the sub-advisor to be of comparable quality.  The alternative asset market segment refers to investments that are historically non-correlated to either equity or fixed income investments such as commodities or real estate.

In general, the Fund's investments in equity securities are intended to achieve the capital appreciation component of its investment objective and the Fund's investments in fixed income securities are intended to achieve the capital preservation component of its investment objective.  Under normal circumstances, the Advisor and DWA expect that the Fund will invest a combined minimum of 35% in fixed income securities and in alternative investments.  The Fund's investments in alternative assets are intended to enable the portfolio to be less reliant on fixed income investments for reducing volatility and equities for increasing returns.  The Advisor and DWA may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

To maintain a balanced portfolio, the Fund will, under normal circumstances, invest:

·

from 25% to 65% in equity securities, including ETFs that invest in international and domestic equity securities;

·

from 25% to 65% in fixed income securities of any maturity and credit quality, including ETFs that invest in fixed income securities; and

·

from 10% to 40% in alternative assets, including through ETFs that invest in alternative assets and through the DWA Balanced Subsidiary.  

Risk [Heading] rr_RiskHeading

Principal Investment Risks:

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program.  Many factors affect the Fund's net asset value and performance.

The following risks apply to the Fund through its direct investments as well as indirectly through investments in ETFs and the DWA Balanced Subsidiary.

·

Commodity Risk: ETFs investing in the commodities markets and investments in the DWA Balanced Subsidiary may subject the Fund to greater volatility than investments in traditional securities.

·

Credit Risk:  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund or though an ETF, 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.  The Fund may invest, directly or indirectly, in "junk bonds."  Such securities are speculative investments that carry greater risks than higher quality debt securities.

·

Derivatives Risk: The Fund may use futures and options to track the returns of commodities.  Futures and options expose the Fund to leverage and tracking risks.  Additionally, long option positions may expire worthless.

·

ETF Risk:  ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds.  The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value.  Each ETF is subject to specific risks, depending on the nature of the ETF and ETFs that invest in the "Alternative Asset" market segment may be more volatile than other Fund investments.

·

Fixed Income Risk:  When the Fund invests in ETFs that own bonds, or in this type of security directly, 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 bond funds 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.

·

Foreign Investment Risk:  Although the Fund will not invest in the securities of foreign companies directly other than the DWA Balanced Subsidiary, it may invest in ETFs that invest in foreign international equity securities.  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.  

·

Issuer-Specific Risk:  The value of a specific security or ETF 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.

·

Leverage Risk:  Using derivatives to increase the Fund's exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk:  The Advisor's and DWA’s investment decisions about individual securities and derivatives as well as ETFs impact the Fund's ability to achieve its investment objective.  The Advisor's and DWA'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 or DWA's investment strategy will produce the desired results.

·

Market Risk:  Overall stock market risks may affect the value of individual securities, derivatives and ETFs in which the Fund invests.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

·

Non-Diversification Risk: As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund may also invest in ETFs that are non-diversified.  Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.  This fluctuation, if significant, may affect the performance of the Fund.

·

Portfolio Turnover Risk:  Portfolio turnover refers to the rate at which the securities held by the Fund are replaced.  The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs.  Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

·

Real Estate Risk:  ETFs that invest in real estate are subject to the risks associated with investing in real estate.  The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and changes in interest rates.

·

Sector Risk:  The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector.  Economic, legislative or regulatory developments may occur, which significantly affect the entire sector. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

·

Small and Medium Capitalization Stock Risk:  The value of a small or medium capitalization company stocks or ETFs that invests in stocks of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

·

Taxation Risk:  By investing in commodities indirectly through the DWA Balanced Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the DWA Balanced Subsidiary is a controlled foreign corporation, any income received from the DWA Balanced Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

·

Wholly-Owned Subsidiary Risk:  The DWA Balanced Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and DWA Balanced Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the DWA Balanced Subsidiary.

Risk Lose Money [Text] rr_RiskLoseMoney

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.

Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus

As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund may also invest in ETFs that are non-diversified.  Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.  This fluctuation, if significant, may affect the performance of the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance:

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

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 Class A shares for each full calendar year since the Fund's inception.  The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index.  The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the “Predecessor Fund”) to a series of Arrow Investments Trust, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund.  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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting www.arrowfunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

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.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-877-277-6933
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.arrowfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture

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.

Bar Chart [Heading] rr_BarChartHeading

Class A Annual Total Return (Year ended December 31):

Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock

Returns do not reflect sales charges, and would be lower if they did.

Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads

Returns do not reflect sales charges, and would be lower if they did.

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter

9/30/2009

9.78%

Worst Quarter

9/30/2008

(15.57)%


The year-to-date return as of the most recent calendar quarter which ended September 30, 2012  7.76%

Year to Date Return, Label rr_YearToDateReturnLabel

The year-to-date return as of the most recent calendar quarter

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 7.76%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 9.78%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (15.57%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred

The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns for Class C shares will differ from those of Class A shares.  The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

Caption rr_AverageAnnualReturnCaption

Average Annual Total Returns (as of December 31, 2011)

ARROW DWA BALANCED FUND | ARROW DWA BALANCED FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DWAFX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.30%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.29% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.84%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 751
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,120
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,513
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,609
Annual Return 2007 rr_AnnualReturn2007 15.28%
Annual Return 2008 rr_AnnualReturn2008 (25.57%)
Annual Return 2009 rr_AnnualReturn2009 17.34%
Annual Return 2010 rr_AnnualReturn2010 16.08%
Annual Return 2011 rr_AnnualReturn2011 (3.75%)
1 Year rr_AverageAnnualReturnYear01 (9.26%)
5 Years rr_AverageAnnualReturnYear05 1.18%
Since Inception rr_AverageAnnualReturnSinceInception 2.73%
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 07, 2006
ARROW DWA BALANCED FUND | ARROW DWA BALANCED FUND CLASS C SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DWATX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.30%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.29% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.59%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 262
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 805
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,375
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,925
1 Year rr_AverageAnnualReturnYear01 (4.40%)
5 Years rr_AverageAnnualReturnYear05 1.61%
Since Inception rr_AverageAnnualReturnSinceInception 3.08%
Inception Date rr_AverageAnnualReturnInceptionDate Aug. 07, 2006
ARROW DWA BALANCED FUND | ARROW DWA BALANCED FUND INSTITUTIONAL CLASS SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DWANX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.30% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.29% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.59%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 162
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 502
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 866
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,889
ARROW DWA BALANCED FUND | After Taxes on Distributions | ARROW DWA BALANCED FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (9.27%)
5 Years rr_AverageAnnualReturnYear05 0.96%
Since Inception rr_AverageAnnualReturnSinceInception 2.49%
ARROW DWA BALANCED FUND | Return after Taxes on Distributions and Sale of Fund Shares | ARROW DWA BALANCED FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.02%)
5 Years rr_AverageAnnualReturnYear05 0.90%
Since Inception rr_AverageAnnualReturnSinceInception 2.22%
ARROW DWA BALANCED FUND | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
5 Years rr_AverageAnnualReturnYear05 (0.25%)
Since Inception rr_AverageAnnualReturnSinceInception 1.90%
ARROW DWA BALANCED FUND | Barclays Capital Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.84%
5 Years rr_AverageAnnualReturnYear05 6.50%
Since Inception rr_AverageAnnualReturnSinceInception 6.64%
ARROW DWA TACTICAL FUND
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

ARROW DWA TACTICAL FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to achieve long-term capital appreciation

Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock

with capital preservation as a secondary objective.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 66 of the Fund's Prospectus.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 262% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 262.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

Expense Example [Heading] rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The 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.  The 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 upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund primarily invests in (1) exchange traded funds ("ETFs") that each invest primarily in (i) equity securities, (ii) fixed income securities, or (iii) alternative assets; as well as in (2) commodity futures and (3) options on commodity futures.  The Fund defines equity securities to include ETFs that invest primarily in equity securities, such as common and preferred stocks; and defines fixed income securities to include ETFs that invest primarily in fixed income securities, such as bonds, notes and debentures; and defines alternative assets to include commodity futures, options on commodity futures and ETFs that invest primarily in alternative assets such as commodities and real estate-related securities.  When appropriate, Arrow Investment Advisors, LLC (the "Advisor"), the Fund's investment advisor may elect to invest in the underlying securities of a particular ETF.  The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "DWA Tactical Subsidiary").  The DWA Tactical Subsidiary will invest primarily in long commodity futures and options, as well as fixed income securities and other investments intended to serve as margin or collateral for the DWA Tactical Subsidiary's derivative positions.  When viewed on a consolidated basis, the DWA Tactical Subsidiary is subject to the same investment restrictions as the Fund.  The Fund will consolidate the DWA Tactical Subsidiary for purposes of financial statements, leverage and concentration.   The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.  The Advisor is solely responsible for managing the assets of the DWA Tactical Subsidiary.

The Fund is a "fund of funds," which means that it primarily invests in ETFs.  The Fund invests in securities without restriction as to capitalization, credit quality or country.  Dorsey, Wright & Associates, LLC ("DWA"), the Fund's investment sub-advisor, uses technical analysis to allocate the Fund's assets among equity, fixed income, and alternative asset market segments.  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.

Under normal circumstances, the Fund will invest:

·

From 0% to 100% of its assets in equity securities, including ETFs that invest in domestic and international, including emerging markets, equity securities;

·

From 0% to 100% of its assets in fixed income securities of any maturity and credit quality, including ETFs that invest in fixed income securities; and

·

From 0% up to 90% of its assets in alternative assets, including through ETFs that invest in alternative assets and through the DWA Tactical Subsidiary.  

The Fund will invest in ETFs within specific market segments when DWA's technical models indicate a high probability that the applicable market segments and ETFs are likely to outperform the applicable universe.  The Fund will sell interests or reduce investment exposure among a market segment and ETFs when DWA's technical models indicate that such markets and ETFs are likely to underperform the applicable universe.  The Fund may invest heavily in fixed-income ETFs, cash positions and similar securities when DWA's technical models indicate these assets should significantly outperform the equity and/or alternative market segments.  Arrow Investment Advisors, LLC (the "Advisor"), the Fund's investment advisor, will utilize a quantitative methodology to invest in those commodity-related alternative assets expected to outperform their asset class and sell ("short") those assets expected to underperform their asset class.  The Fund's fixed income securities may be rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as "high-yield" or "junk" bonds, and in unrated debt securities determined by the sub-advisor to be of comparable quality.  The alternative asset market segment refers to investments that are historically non-correlated to either equity or fixed income investments such as commodities or real estate.  In order to gain inverse exposure to the equity markets, the Fund may use the derivatives and futures described above.  The Fund also may use currency futures.

In general, the Fund's investments in equity securities are intended to achieve the capital appreciation component of the Fund's investment objectives.  At times, the Fund invests in fixed income securities in order to achieve the capital preservation component of the Fund's investment objectives.  The Fund's investments in alternative assets are intended to enable the portfolio to be less reliant on fixed income investments for reducing volatility and equities for increasing returns.  The Advisor and DWA may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objectives.

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.  

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

Under normal circumstances, the Fund will invest:

·

From 0% to 100% of its assets in equity securities, including ETFs that invest in domestic and international, including emerging markets, equity securities;

·

From 0% to 100% of its assets in fixed income securities of any maturity and credit quality, including ETFs that invest in fixed income securities; and

·

From 0% up to 90% of its assets in alternative assets, including through ETFs that invest in alternative assets and through the DWA Tactical Subsidiary.

Risk [Heading] rr_RiskHeading

Principal Investment Risks:

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program.  Many factors affect the Fund's net asset value and performance.

The following risks apply to the Fund through its direct investments as well as indirectly through investments in ETFs and the DWA Tactical Subsidiary.

·

Commodity Risk:  ETFs investing in the commodities markets and investments in the DWA Tactical Subsidiary may subject the Fund to greater volatility than investments in traditional securities.

·

Credit Risk:  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund directly or through an ETF, 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.  The Fund may invest, directly or indirectly, in "junk bonds."  Such securities are speculative investments that carry greater risks than higher quality debt securities.

·

Derivatives Risk:  The Fund may use futures and options to track the returns of commodities.  Futures and options expose the Fund to leverage and tracking risks.  Additionally, long option positions may expire worthless.

·

ETF Risk:  ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds.  The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value.  Each ETF is subject to specific risks, depending on the nature of the ETF and ETFs that invest in the "Alternative Asset" market segment may be more volatile than other Fund investments.

·

Fixed Income Risk:  When the Fund invests in ETFs that own bonds, or in this type of security directly, 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 bond funds 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.

·

Foreign Investment Risk: Although the Fund will not invest in the securities of foreign companies directly other than the DWA Tactical Subsidiary, it may invest in ETFs that invest in foreign international equity securities.  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.  

·

Issuer-Specific Risk:  The value of a specific security or ETF 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.

·

Leverage Risk:  Using derivatives to increase the Fund's exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk:  The Advisor and DWA's investment decisions about individual securities and derivatives as well as ETFs impact the Fund's ability to achieve its investment objective.  The Advisor's and DWA'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 or DWA's investment strategy will produce the desired results.

·

Market Risk:  Overall stock market risks may affect the value of individual securities, derivatives and ETFs in which the Fund invests.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

·

Non-Diversification Risk:  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund may also invest in ETFs that are non-diversified.  Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.  This fluctuation, if significant, may affect the performance of the Fund.

·

Portfolio Turnover Risk:  Portfolio turnover refers to the rate at which the securities held by the Fund are replaced.  The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs.  Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

·

Real Estate Risk:  ETFs that invest in real estate are subject to the risks associated with investing in real estate.  The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and changes in interest rates.

·

Sector Risk:  The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector.  Economic, legislative or regulatory developments may occur, which significantly affect the entire sector.  This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

·

Small and Medium Capitalization Stock Risk:  The value of small or medium capitalization company stocks or ETFs that invests in stocks of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

·

Taxation Risk:  By investing in commodities indirectly through the DWA Tactical Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the DWA Tactical Subsidiary is a controlled foreign corporation, any income received from the DWA Tactical Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

·

Wholly-Owned Subsidiary Risk: The DWA Tactical Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and DWA Tactical Subsidiary, respectively, are organized, could result in the inability of the Fund and/or DWA Tactical Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the DWA Tactical Subsidiary.

Risk Lose Money [Text] rr_RiskLoseMoney

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.

Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus

As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund may also invest in ETFs that are non-diversified.  Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.  This fluctuation, if significant, may affect the performance of the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance:

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

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 Class A shares for each full calendar year since the Fund's inception.  The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index.  The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the “Predecessor Fund”) to a series of Arrow Investments Trust, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund.  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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting www.arrowfunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

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.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-877-277-6933
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.arrowfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture

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.

Bar Chart [Heading] rr_BarChartHeading

Class A Annual Total Return (Year ended December 31):

Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock

Returns do not reflect sales charges, and would be lower if they did.

Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads

Returns do not reflect sales charges, and would be lower if they did.

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter

9/30/2009

13.06%

Worst Quarter

9/30/2011

(11.03)%


The year-to-date return as of the most recent calendar quarter which ended September 30, 2012  5.21%

Year to Date Return, Label rr_YearToDateReturnLabel

The year-to-date return as of the most recent calendar quarter

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 5.21%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 13.06%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (11.03%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred

The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns for Class C shares will differ from those of Class A shares.  The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

Caption rr_AverageAnnualReturnCaption

Average Annual Total Returns (as of December 31, 2011)

ARROW DWA TACTICAL FUND | ARROW DWA TACTICAL FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DWTFX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.37%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.30% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.92%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 759
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,143
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,552
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,689
Annual Return 2009 rr_AnnualReturn2009 23.61%
Annual Return 2010 rr_AnnualReturn2010 12.55%
Annual Return 2011 rr_AnnualReturn2011 (6.95%)
1 Year rr_AverageAnnualReturnYear01 (12.28%)
Since Inception rr_AverageAnnualReturnSinceInception (6.05%)
Inception Date rr_AverageAnnualReturnInceptionDate May 30, 2008
ARROW DWA TACTICAL FUND | ARROW DWA TACTICAL FUND CLASS C SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DWTTX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.37%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.30% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.67%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 270
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 829
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,415
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,003
1 Year rr_AverageAnnualReturnYear01 (7.62%)
Since Inception rr_AverageAnnualReturnSinceInception (5.19%)
Inception Date rr_AverageAnnualReturnInceptionDate May 30, 2008
ARROW DWA TACTICAL FUND | ARROW DWA TACTICAL FUND INSTITUTIONAL CLASS SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol DWTNX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.37% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.30% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.67%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 170
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 526
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 907
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,976
ARROW DWA TACTICAL FUND | After Taxes on Distributions | ARROW DWA TACTICAL FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (13.74%)
Since Inception rr_AverageAnnualReturnSinceInception (6.52%)
ARROW DWA TACTICAL FUND | Return after Taxes on Distributions and Sale of Fund Shares | ARROW DWA TACTICAL FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (7.40%)
Since Inception rr_AverageAnnualReturnSinceInception (5.26%)
ARROW DWA TACTICAL FUND | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
Since Inception rr_AverageAnnualReturnSinceInception (0.76%)
ARROW MANAGED FUTURES STRATEGY FUND
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

ARROW MANAGED FUTURES STRATEGY FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that match the performance of a benchmark for measuring trends in the commodity and financial futures markets.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 66 of the Fund's Prospectus.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 35% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 35.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

Expense Example [Heading] rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The 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.  The 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 upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund's advisor, Arrow Investment Advisors, LLC (the "Advisor"), seeks to achieve the Fund's investment objective by investing primarily in a combination of securities and derivatives that, as a whole, are expected to produce returns that track those of the benchmark.  The Fund's benchmark is the Trader Vic Index™ (the "benchmark").

The benchmark is constructed to capture both up and down price trends in physical commodities, global currencies and US interest rates.  The current components of the benchmark consist of approximately 14 sectors (6 commodity and 8 financial) with a total of 24 components, allocated 50% to financial futures, e.g., interest rates and currencies, and 50% to physical commodities, e.g., energy, metals and agriculture.  The components are positioned either long or short (except for the energy sector, which cannot have a short position) based on their prices relative to their moving averages.


Benchmark Market, Sectors and Components Scheme

Commodity Market: Sectors & Components

Financial Markets: Sectors

Energy+

Livestock+

Grains+

Softs+

Precious Metals+

Industrial Metals+

Currencies

US Interest Rates

Heating Oil

Hogs

Corn

Cocoa

Gold

Copper

Australian Dollar*

US 10-Year Note*

Crude Oil

Cattle

Soybeans

Coffee

Silver

 

British Pound*

US 30-Year Bond*

Natural Gas

 

Wheat

Cotton

 

 

Canadian Dollar*

 

Gasoline

 

 

Sugar

 

 

Euro*

 

 

 

 

 

 

 

Japanese Yen*

 

 

 

 

 

 

 

Swiss Franc*

 


Definition: + represents the commodity sectors; * represents the financial sectors, which is also the financial components.


The securities in the Fund's portfolio consist primarily of commodity, currency, and financial-linked structured notes; exchange-traded notes; exchange-traded funds and other investment companies (including mutual funds) that provide exposure to the managed commodities and financial futures markets.  The derivatives in the Fund's portfolio consist primarily of commodity, currency, and financial-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, and equity securities.

The Advisor also intends to enter into short positions and other similar transactions to track the benchmark.  On certain occasions, the Fund may employ leveraging techniques to attempt to match the benchmark.  On a day-to-day basis, the Fund may hold U.S. government securities, short-term, high quality fixed-income securities, money market instruments, overnight and fixed-term repurchase agreements, cash, and other cash equivalents with maturities of one year or less to collateralize its derivative positions.

The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "Arrow MFT Subsidiary"). The Arrow MFT Subsidiary will invest primarily in (long and short) commodity and financial futures, options and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Arrow MFT Subsidiary's derivative positions.  When viewed on a consolidated basis, the Arrow MFT Subsidiary is subject to the same investment restrictions as the Fund.  The Fund will consolidate the Arrow MFT Subsidiary for purposes of financial statements, leverage and concentration.  The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.

The Fund's Advisor may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

The current components of the benchmark consist of approximately 14 sectors (6 commodity and 8 financial) with a total of 24 components, allocated 50% to financial futures, e.g., interest rates and currencies, and 50% to physical commodities, e.g., energy, metals and agriculture.

Risk [Heading] rr_RiskHeading

Principal Investment Risks:

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.

The following describes the risks the Fund may bear through direct investments in securities and derivatives as well as indirectly through investments in ETFs, ETNs, structured notes and the Arrow MFT Subsidiary.

·

Benchmark Tracking Risk:  The Fund will not be able to replicate exactly the performance of the benchmark because the total return generated by the Fund's securities and derivatives will be reduced by transaction costs.  In addition, the Fund will incur expenses, such as management fees, not incurred by the benchmark.  The Advisor's judgments about the benchmark-tracking characteristics of securities and derivatives may prove incorrect and may not produce the desired benchmark-tracking results.

·

Commodity Risk:  Investing in the commodities markets will subject the Fund to greater volatility than investments in traditional securities.  Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

·

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 will lead to greater volatility in the price of a security and in shares of the Fund.  Lower credit quality also will affect liquidity and make it difficult for the Fund to sell the security.

·

Derivatives Risk: The Fund may use derivatives (including swaps, options, futures and options on futures) to track the returns of the benchmark.  The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

·

ETF Risk:  ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds.  The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value.  Each ETF is subject to specific risks, depending on the nature of the ETF.

·

ETN Risk:  The Fund may invest in exchange traded notes, which are debt securities whose returns are linked to a particular index.  ETNs are subject to credit risk and the value of an ETN will vary and will be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events. The Fund will bear its proportionate share of any fees and expenses borne by the ETN.

·

Fixed Income Risk:  The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates.  Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund.  On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases.  Your investment will decline in value if the value of the Fund's investments decreases.

·

Foreign Currency Risk:  Currency trading risks include market risk, credit risk and country risk.  Market risk results from adverse changes in exchange rates in the currencies the Fund are long or short.  Credit risk results because a currency-trade counterparty may default.  Country risk arises because a government may interfere with transactions in its currency.

·

Government Securities Risk:  The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities.  These securities may be backed by the credit of the government as a whole or only by the issuing agency.  No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.  Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.

·

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.

·

Leverage Risk:  Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk:  The Advisor's investment decisions about individual securities 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.

·

Market Risk:  Overall securities and derivatives market risks will affect the value of individual instruments in which the Fund invests.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

·

Non-Diversification Risk:  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund may also invest in ETFs that are non-diversified.  Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.  This fluctuation, if significant, may affect the performance of the Fund.

·

Other Mutual Funds Risk:  Other mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly those other mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Other mutual funds are subject to specific risks, depending on the nature of the fund.

·

Portfolio Turnover Risk:  Portfolio turnover refers to the rate at which the securities held by the Fund are replaced.  The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which will reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs.  Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

·

Repurchase Agreement Risk:  A repurchase agreement involves the purchase by the Fund of securities with the agreement that, after a stated period of time, the original seller will buy back the same securities at an agreed upon price or yield.  However, if the seller defaults on its obligation to repurchase the securities, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.

·

Sector Risk:  The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector.  Economic, legislative or regulatory developments may occur, which significantly affect the entire sector.  This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

·

Short Position Risk:  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor's ability to accurately anticipate the future value of a security or instrument.  The Fund's losses are potentially unlimited in a short position transaction.

·

Structured Note Risk:  The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer's credit quality rating, and economic, legal, political, or geographic events that affect the referenced commodity.  These notes are typically issued by banks or brokerage firms, and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices.  There may be a lag between a change in the value of the underlying reference asset and the value of the structured note.  The Fund may also be exposed to increased transaction costs.

·

Taxation Risk:  By investing in commodities indirectly through the Arrow MFT Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the Arrow MFT Subsidiary is a controlled foreign corporation, any income received from the Arrow MFT Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

·

Wholly-Owned Subsidiary Risk: The Arrow MFT Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and Arrow MFT Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Arrow MFT Subsidiary.

Risk Lose Money [Text] rr_RiskLoseMoney

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.

Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus

As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund may also invest in ETFs that are non-diversified.  Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.  This fluctuation, if significant, may affect the performance of the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance:

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

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 Class A shares for each full calendar year since the Fund's inception.  The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index.  The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the “Predecessor Fund”) to a series of Arrow Investments Trust, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund.  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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year.

Updated performance information is available at no cost by visiting www.arrowfunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

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.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-877-277-6933
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.arrowfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture

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.

Bar Chart [Heading] rr_BarChartHeading

Class A Annual Total Return (Year ended December 31):

Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock

Returns do not reflect sales charges, and would be lower if they did.

Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads

Returns do not reflect sales charges, and would be lower if they did.

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter

3/31/2011

3.48%

Worst Quarter

9/30/2011

(3.96)%


The year-to-date return as of the most recent calendar quarter which ended September 30, 2012  (12.03)%

Year to Date Return, Label rr_YearToDateReturnLabel

The year-to-date return as of the most recent calendar quarter

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn (12.03%)
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.48%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.96%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred

The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns for Class C shares will differ from those of Class A shares.  The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

Caption rr_AverageAnnualReturnCaption

Average Annual Total Returns (as of December 31, 2011)

ARROW MANAGED FUTURES STRATEGY FUND | ARROW MANAGED FUTURES STRATEGY FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol MFTFX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.40%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.54%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 723
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,033
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,366
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,304
Annual Return 2011 rr_AnnualReturn2011 (6.57%)
1 Year rr_AverageAnnualReturnYear01 (11.94%)
Since Inception rr_AverageAnnualReturnSinceInception (4.31%)
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2010
ARROW MANAGED FUTURES STRATEGY FUND | ARROW MANAGED FUTURES STRATEGY FUND CLASS C SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol MFTTX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 0.40%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.29%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 232
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 715
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,225
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,626
1 Year rr_AverageAnnualReturnYear01 (7.27%)
Since Inception rr_AverageAnnualReturnSinceInception (1.52%)
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2010
ARROW MANAGED FUTURES STRATEGY FUND | ARROW MANAGED FUTURES STRATEGY FUND INSTITUTIONAL CLASS SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol MFTNX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.85%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.40% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.29%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 131
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 409
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 708
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,556
ARROW MANAGED FUTURES STRATEGY FUND | After Taxes on Distributions | ARROW MANAGED FUTURES STRATEGY FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (12.00%)
Since Inception rr_AverageAnnualReturnSinceInception (4.75%)
ARROW MANAGED FUTURES STRATEGY FUND | Return after Taxes on Distributions and Sale of Fund Shares | ARROW MANAGED FUTURES STRATEGY FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (7.76%)
Since Inception rr_AverageAnnualReturnSinceInception (3.90%)
ARROW MANAGED FUTURES STRATEGY FUND | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
Since Inception rr_AverageAnnualReturnSinceInception 5.73%
ARROW MANAGED FUTURES STRATEGY FUND | Trader Vic Index™
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.21%)
Since Inception rr_AverageAnnualReturnSinceInception 0.86%
ARROW COMMODITY STRATEGY FUND
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading

ARROW COMMODITY STRATEGY FUND

Objective [Heading] rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks to provide investment results that correlate to the performance of a benchmark for commodity.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 66 of the Fund's Prospectus.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2013-11-30
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 727% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 727.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

Expense Example [Heading] rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The 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.  The 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 upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund's advisor, Arrow Investment Advisors, LLC (the "Advisor"), seeks to achieve the Fund's investment objective by investing primarily in a combination of securities, such as exchanged-traded notes, exchanged traded funds, mutual funds, commodity index-linked notes and commodity-linked structured notes, and derivatives that, as a whole, are expected to produce returns that closely track those of a commodity market benchmark.  The Fund's benchmark is the Longview Extended Commodity Index.

The Longview Extended Commodity Index is a composite index of commodity sector returns, representing an unleveraged long-only investment in commodity futures that is broadly diversified across the spectrum of commodities.  Commodities are assets that have tangible properties, such as oil, metals, and agricultural products.  Commodities sectors represented in the Longview Extended Commodity Index include energy (such as oil and gas), metals, agriculture (such as corn and wheat), soft commodities (such as coffee and cocoa), and meats (such as cattle and hogs).  Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets like stock and bonds.  Over the long term, the returns of the fund’s investment are expected to exhibit low to negative correlation with stocks and bonds.

The Fund invests in commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures that are expected to provide investment returns that are highly correlated to those of the commodities markets, without investing directly in physical commodities.  On certain occasions, the Fund may employ leveraging techniques to attempt to match the benchmark. On a day-to-day basis, the Fund may hold U.S. government securities, short-term, high quality fixed-income securities, money market instruments, overnight and fixed-term repurchase agreements, cash, and other cash equivalents with maturities of one year or less to collateralize its derivative positions.  The Fund is non-diversified and, therefore, may invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund.

The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "Commodity Strategy Subsidiary").  The Commodity Strategy Subsidiary will invest primarily in long commodity futures, options and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Commodity Strategy Subsidiary's derivative positions. The Commodity Strategy Subsidiary is subject to the same investment restrictions as the Fund. The Fund will consolidate the Commodity Strategy Subsidiary for purposes of financial statements, leverage and concentration.

Based on its historical price analysis and return forecasts, the Adviser buys securities and derivatives that it believes will produce returns that are highly correlated to the commodity futures contracts that compose the benchmark.  The Adviser sells securities and derivatives to purchase other securities and derivatives that it believes will have higher returns or more closely correlate to the commodity futures contracts in the benchmark.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "Commodity Strategy Subsidiary").

Risk [Heading] rr_RiskHeading

Principal Investment Risks:

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.

The following describes the risks the Fund may bear through direct investments in securities and derivatives as well as indirectly through investments in ETFs, structured notes and the Commodity Strategy Subsidiary.

·

Benchmark Tracking Risk:  The Fund will not be able to replicate exactly the performance of the benchmark because the total return generated by the Fund's securities and derivatives will be reduced by transaction costs.  In addition, the Fund will incur expenses, such as management fees, not incurred by the benchmark.  The Advisor's judgments about the benchmark-tracking characteristics of securities and derivatives may prove incorrect and may not produce the desired benchmark-tracking results.

·

Commodity Risk:  Investing in the commodities markets will subject the Fund to greater volatility than investments in traditional securities.  Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

·

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 will lead to greater volatility in the price of a security and in shares of the Fund.  Lower credit quality also will affect liquidity and make it difficult for the Fund to sell the security.

·

Derivatives Risk:  The Fund may use derivatives (including swaps, options, futures and options on futures) to track the returns of the benchmark.  The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

·

ETF Risk:  ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds.  The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value.  Each ETF is subject to specific risks, depending on the nature of the ETF.

·

ETN Risk:  The Fund may invest in exchange traded notes, which are debt securities whose returns are linked to a particular index.  ETNs are subject to credit risk and the value of an ETN will vary and will be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events.  The Fund will bear its proportionate share of any fees and expenses borne by the ETN.

·

Fixed Income Risk:  The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates.  Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund.  On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases.  Your investment will decline in value if the value of the Fund’s investments decreases.

·

Government Securities Risk:  The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities.  These securities may be backed by the credit of the government as a whole or only by the issuing agency.  No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.  Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.

·

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.

·

Leverage Risk:  Using derivatives to increase the Fund’s exposure creates leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.

·

Management Risk:  The Advisor's investment decisions about individual securities 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.

·

Market Risk:  Overall securities and derivatives market risks will affect the value of individual instruments in which the Fund invests.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets.  When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.

·

Non-Diversification Risk:  Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.  This fluctuation, if significant, may affect the performance of the Fund.

·

Other Mutual Funds Risk:  Other mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly those other mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Other mutual funds are subject to specific risks, depending on the nature of the fund.

·

Portfolio Turnover Risk:  Portfolio turnover refers to the rate at which the securities held by the Fund are replaced.  The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs.  Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

·

Repurchase Agreement Risk:  A repurchase agreement involves the purchase by the Fund of securities with the agreement that, after a stated period of time, the original seller will buy back the same securities at an agreed upon price or yield.  However, if the seller defaults on its obligation to repurchase the securities, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.

·

Sector Risk:  The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector.  Economic, legislative or regulatory developments may occur, which significantly affect the entire sector.  This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

·

Structured Note Risk:  The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer's credit quality rating, and economic, legal, political, or geographic events that affect the referenced commodity.  These notes are typically issued by banks or brokerage firms, and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices.  There may be a lag between a change in the value of the underlying reference asset and the value of the structured note.  The Fund may also be exposed to increased transaction costs.

·

Taxation Risk:  By investing in commodities indirectly through the Commodity Strategy Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the Commodity Strategy Subsidiary is a controlled foreign corporation, any income received from the Commodity Strategy Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

·

Wholly-Owned Subsidiary Risk:  The Commodity Strategy Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Commodity Strategy Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Commodity Strategy Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Commodity Strategy Subsidiary.

Risk Lose Money [Text] rr_RiskLoseMoney

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.

Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus

Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. This fluctuation, if significant, may affect the performance of the Fund.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance:

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

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 Class A shares for each full calendar year since the Fund's inception.  The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index.  The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the “Predecessor Fund”) to a series of Arrow Investments Trust, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund.  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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting www.arrowfunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns

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.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-877-277-6933
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.arrowfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture

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.

Bar Chart [Heading] rr_BarChartHeading

Class A Annual Total Return (Year ended December 31):

Bar Chart Narrative [Text Block] rr_BarChartNarrativeTextBlock

Returns do not reflect sales charges, and would be lower if they did.

Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads

Returns do not reflect sales charges, and would be lower if they did.

Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

Best Quarter

3/31/2011

10.90%

Worst Quarter

9/30/2011

(9.89)%


The year-to-date return as of the most recent calendar quarter which ended September 30, 2012  6.17%

Year to Date Return, Label rr_YearToDateReturnLabel

The year-to-date return as of the most recent calendar quarter

Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.17%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 10.90%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (9.89%)
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred

The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns for Class C shares will differ from those of Class A shares.  The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

Caption rr_AverageAnnualReturnCaption

Average Annual Total Returns (as of December 31, 2011)

ARROW COMMODITY STRATEGY FUND | ARROW COMMODITY STRATEGY FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CSFFX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther 1.00%
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.17%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.05% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.27%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.22%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.05%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts

You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 771
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,224
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,701
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,014
Annual Return 2011 rr_AnnualReturn2011 (4.99%)
1 Year rr_AverageAnnualReturnYear01 (10.45%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010
ARROW COMMODITY STRATEGY FUND | ARROW COMMODITY STRATEGY FUND CLASS C SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CSFTX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 1.17%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.05% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.02%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.22%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.80%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 283
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 913
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,567
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 3,321
1 Year rr_AverageAnnualReturnYear01 (5.57%)
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010
ARROW COMMODITY STRATEGY FUND | ARROW COMMODITY STRATEGY FUND INSTITUTIONAL CLASS SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CSFNX
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.17% [2]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.05% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.02%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.22%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.80%
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates

Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 183
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 612
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,068
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,330
ARROW COMMODITY STRATEGY FUND | After Taxes on Distributions | ARROW COMMODITY STRATEGY FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (11.87%)
ARROW COMMODITY STRATEGY FUND | Return after Taxes on Distributions and Sale of Fund Shares | ARROW COMMODITY STRATEGY FUND CLASS A SHARES
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.80%)
ARROW COMMODITY STRATEGY FUND | S&P 500® Index (reflects no deduction for fees, expenses or taxes)
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
ARROW COMMODITY STRATEGY FUND | Longview Extended Commodity Index
 
[RiskReturnAbstract] rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.33%)
[1] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.
[2] Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.
[3] The Fund's adviser has contractually agreed to waive its fees and/or reimburse expenses of the Fund, at least until November 30, 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any brokerage fees and commissions, distribution fees, 12b-1 fees, Acquired Fund Fees and Expenses, borrowing costs, taxes and extraordinary expenses, such as litigation, do not exceed 2.00%, 2.75% and 1.75% of its average daily net assets of the Class A, Class C and Institutional Class shares, respectively of Fund. 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 foregoing expense limits. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the Fund's adviser.
XML 15 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
ARROW ALTERNATIVE SOLUTIONS FUND

ARROW ALTERNATIVE SOLUTIONS FUND

Investment Objective:

The Fund seeks capital appreciation with an emphasis on absolute (positive) returns, low volatility and low correlation to the equity markets.

Fees and Expenses of the Fund:

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 66 of the Fund's Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees ARROW ALTERNATIVE SOLUTIONS FUND
ARROW ALTERNATIVE SOLUTIONS FUND CLASS A SHARES
ARROW ALTERNATIVE SOLUTIONS FUND CLASS C SHARES
ARROW ALTERNATIVE SOLUTIONS FUND INSTITUTIONAL CLASS SHARES
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) 5.75% none none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) 1.00% none none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) 1.00% 1.00% 1.00%

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses ARROW ALTERNATIVE SOLUTIONS FUND
ARROW ALTERNATIVE SOLUTIONS FUND CLASS A SHARES
ARROW ALTERNATIVE SOLUTIONS FUND CLASS C SHARES
ARROW ALTERNATIVE SOLUTIONS FUND INSTITUTIONAL CLASS SHARES
Management Fees 0.75% 0.75% 0.75%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.86% 0.86% 0.86% [1]
Acquired Fund Fees and Expenses [2] 0.09% 0.09% 0.09%
Total Annual Fund Operating Expenses 1.95% 2.70% 1.70%
[1] Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.
[2] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The 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.  The 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 upon these assumptions your costs would be:

Expense Example ARROW ALTERNATIVE SOLUTIONS FUND (USD $)
1 Year
3 Years
5 Years
10 Years
ARROW ALTERNATIVE SOLUTIONS FUND CLASS A SHARES
762 1,152 1,567 2,719
ARROW ALTERNATIVE SOLUTIONS FUND CLASS C SHARES
273 838 1,430 3,032
ARROW ALTERNATIVE SOLUTIONS FUND INSTITUTIONAL CLASS SHARES
173 536 923 2,009

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 25% of the average value of its portfolio.

Principal Investment Strategies:

The Fund seeks returns from a portfolio of leveraged long and short strategies ("long/short") with a targeted amount of risk.  The Fund will implement its strategy using a broad mix of financial asset classes, including U.S. and foreign equities (common or preferred stock and exchange-traded funds (ETFs) that invest in common or preferred stocks) of any capitalization range, fixed income securities of any maturity issued by the U.S. government or its agencies, mortgage backed securities, foreign government securities, domestic and foreign corporate debt of any credit rating, foreign currencies and commodities.  The Fund may also invest in other open-end investment companies (mutual funds) to implement its strategy.  In addition to the direct investments within each asset class, the Fund will use derivatives such as futures, options, swap agreements and structured notes to obtain long and short exposure within the same asset classes.  The Fund will execute the following three long/short strategies, which encompass a variety of equity, fixed income and managed futures investment styles each with a low correlation to the U.S. equity market:

·

Hedged Equities Strategy:  Generates returns by investing on both the long and short sides of U.S. and international equity markets.

·

Fixed Income Arbitrage Strategy:  Generates returns from relationships between different fixed income securities, employing long and short positions to minimize exposure to interest rate changes that are either mathematically or historically interrelated.

·

Managed Futures Strategy:  Generates returns from trends in the commodity, financial and currency futures markets where the price of futures contracts may converge or diverge from the value of the underlying asset.


To maintain a diversified portfolio, under normal circumstances, the Fund will have exposure to all three long/short strategies, but may have exposure to only one or two strategies.  The Fund's fixed income securities may be rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as "high-yield" or "junk" bonds, and in unrated debt securities determined by the sub-advisor to be of comparable quality.  The Fund's international investments may be in the securities of issuers from developed market countries, such as Japan, as well as emerging markets such as Malaysia.

To achieve the desired performance of a particular investment style and minimize the risk of substantial losses stemming from market declines while reducing volatility, Arrow Investment Advisors, LLC (the "Advisor"), the Fund's investment advisor, will utilize a quantitative methodology to invest in ("hold long") those assets expected to outperform their asset class and sell ("short") those assets expected to underperform their asset class.  This long/short portfolio construction attempts to provide absolute (positive) returns by minimizing the risk of substantial losses stemming from market declines, while reducing volatility.

The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "Alternative Solutions Subsidiary").  The Alternative Solutions Subsidiary will invest primarily in (long and short) commodity and financial futures, options and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Alternative Solutions Subsidiary's derivative positions.  When viewed on a consolidated basis, the Alternative Solutions Subsidiary is subject to the same investment restrictions as the Fund.  The Fund will consolidate the Alternative Solutions Subsidiary for purposes of financial statements, leverage and concentration The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.

The Fund's Advisor may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.

Principal Investment Risks:

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program.  Many factors affect the Fund's net asset value and performance.

The following risks apply to the Fund through its direct investments as well as indirectly through investments in its Alternative Solutions Subsidiary.

·

Commodity Risk: Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities.  Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

·

Credit Risk:  There is a risk that issuers and counterparties will not make payments on securities and other investments held by a 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.  The Fund may invest, directly or indirectly, in "junk bonds." Such securities are speculative investments that carry greater risks than higher quality debt securities.

·

Derivatives Risk:  The Fund may use derivatives (including swaps, structured notes, options, futures and options on futures) to enhance returns or hedge against market declines.  The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

·

Fixed Income Risk:  The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates.  Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund.  On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases.  Your investment will decline in value if the value of the Fund's investments decreases.

·

Foreign Currency Risk:  Currency trading risks include market risk, credit risk and country risk.  Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short.  Credit risk results because a currency-trade counterparty may default.  Country risk arises because a government may interfere with transactions in its currency.

·

Foreign Investment Risk:  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

·

Government Securities Risk:  The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities.  These securities may be backed by the credit of the government as a whole or only by the issuing agency.  No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.  Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.

·

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.

·

Leverage Risk:  Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk:  The Advisor's investment decisions about individual securities 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.

·

Market Risk:  Overall securities and derivatives market risks will affect the value of individual instruments in which the Fund invests.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

·

Mortgage Backed Securities Risk:  Mortgage-backed securities are subject to the risk that borrowers will prepay their loans more quickly than originally expected if interest rates fall.  This may force the Fund to reinvest prepayment proceeds at lower yields, which may reduce Fund performance.

·

Other Mutual Funds Risk:  Other mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly those other mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Other mutual funds are subject to specific risks, depending on the nature of the fund.

·

Portfolio Turnover Risk:  Portfolio turnover refers to the rate at which the securities held by the Fund are replaced.  The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs.  Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

·

Sector Risk:  The Fund may focus its investments in securities of a particular sector.  Economic, legislative or regulatory developments may occur that significantly affect the entire sector.  This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

·

Short Position Risk:  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor’s ability to accurately anticipate the future value of a security or instrument.  The Fund's losses are potentially unlimited in a short position transaction.

·

Small and Medium Capitalization Stock Risk: Small and medium capitalization companies may be more vulnerable than larger, more established organizations to adverse business or economic developments.  In particular, these companies may have limited product lines, markets, and financial resources and may be dependent upon a relatively small management group.  These securities may trade over-the-counter or be listed on an exchange and may or may not pay dividends.

·

Sovereign Debt Risk:  The issuer of the foreign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default.  The market prices of sovereign debt, and the Fund's net asset value, may be more volatile than prices of U.S. debt obligations and certain emerging markets may encounter difficulties in servicing their debt obligations.

·

Structured Note Risk:  The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer's credit quality rating, and economic, legal, political, or geographic events that affect the referenced commodity.  These notes are typically issued by banks or brokerage firms, and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices.  There may be a lag between a change in the value of the underlying reference asset and the value of the structured note.  The Fund may also be exposed to increased transaction costs.

·

Taxation Risk:  By investing in commodities indirectly through the Alternative Solutions Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the Alternative Solutions Subsidiary is a controlled foreign corporation, any income received from the Alternative Solutions Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

·

Wholly-Owned Subsidiary Risk: The Alternative Solutions Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and Alternative Solutions Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Alternative Solutions Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Alternative Solutions Subsidiary.

Performance:

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 Class A shares for each full calendar year since the Fund's inception.  The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index.  The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the “Predecessor Fund”) to a series of Arrow Investments Trust, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund.  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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting www.arrowfunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

Returns do not reflect sales charges, and would be lower if they did.

Class A Annual Total Return (Year ended December 31):

Bar Chart

Best Quarter

6/30/2008

4.50%

Worst Quarter

9/30/2008

(10.42)%


The year-to-date return as of the most recent calendar quarter which ended September 30, 2012  (0.85)%

Average Annual Total Returns ARROW ALTERNATIVE SOLUTIONS FUND
1 Year
Since Inception
Inception Date
ARROW ALTERNATIVE SOLUTIONS FUND CLASS A SHARES
(6.57%) (4.62%) Oct. 31, 2007
ARROW ALTERNATIVE SOLUTIONS FUND CLASS A SHARES After Taxes on Distributions
(7.14%) (5.04%)  
ARROW ALTERNATIVE SOLUTIONS FUND CLASS A SHARES Return after Taxes on Distributions and Sale of Fund Shares
(4.26%) (4.11%)  
ARROW ALTERNATIVE SOLUTIONS FUND CLASS C SHARES
(1.59%) (3.95%) Oct. 31, 2007
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
2.11% (2.74%)  

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns for Class C shares will differ from those of Class A shares.  The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

ARROW DWA BALANCED FUND

ARROW DWA BALANCED FUND

Investment Objective:

The Fund seeks to achieve an appropriate balance between long-term capital appreciation and capital preservation.

Fees and Expenses of the Fund:

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 66 of the Fund's Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees ARROW DWA BALANCED FUND
ARROW DWA BALANCED FUND CLASS A SHARES
ARROW DWA BALANCED FUND CLASS C SHARES
ARROW DWA BALANCED FUND INSTITUTIONAL CLASS SHARES
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) 5.75% none none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) 1.00% none none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) 1.00% 1.00% 1.00%

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses ARROW DWA BALANCED FUND
ARROW DWA BALANCED FUND CLASS A SHARES
ARROW DWA BALANCED FUND CLASS C SHARES
ARROW DWA BALANCED FUND INSTITUTIONAL CLASS SHARES
Management Fees 1.00% 1.00% 1.00%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.30% 0.30% 0.30% [1]
Acquired Fund Fees and Expenses [2] 0.29% 0.29% 0.29%
Total Annual Fund Operating Expenses 1.84% 2.59% 1.59%
[1] Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.
[2] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The 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.  The 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 upon these assumptions your costs would be:

Expense Example ARROW DWA BALANCED FUND (USD $)
1 Year
3 Years
5 Years
10 Years
ARROW DWA BALANCED FUND CLASS A SHARES
751 1,120 1,513 2,609
ARROW DWA BALANCED FUND CLASS C SHARES
262 805 1,375 2,925
ARROW DWA BALANCED FUND INSTITUTIONAL CLASS SHARES
162 502 866 1,889

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 112% of the average value of its portfolio.

Principal Investment Strategies:

The Fund primarily invests in (1) exchange traded funds ("ETFs") that each invest primarily in (i) equity securities, (ii) fixed income securities, or (iii) alternative assets; as well as in (2) commodity futures and (3) options on commodity futures.  The Fund defines equity securities to include ETFs that invest primarily in equity securities, such as common and preferred stocks; and defines fixed income securities to include ETFs that invest primarily in fixed income securities, such as bonds, notes and debentures; and defines alternative assets to include commodity futures, options on commodity futures and ETFs that invest primarily in alternative assets such as commodities and real estate-related securities.  When appropriate, Arrow Investment Advisors, LLC (the "Advisor"), the Fund's investment advisor may elect to invest in the underlying securities of a particular ETF.  The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "DWA Balanced Subsidiary").  The DWA Balanced Subsidiary will invest primarily in long commodity futures and options, as well as fixed income securities and other investments intended to serve as margin or collateral for the DWA Balanced Subsidiary's derivative positions.  When viewed on a consolidated basis, the DWA Balanced Subsidiary is subject to the same investment restrictions as the Fund.  The Fund will consolidate the DWA Balanced Subsidiary for purposes of financial statements, leverage and concentration.   The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.  The Advisor is solely responsible for managing the assets of the DWA Balanced Subsidiary.

The Fund is a "fund of funds," which means that it primarily invests in ETFs.  The Fund invests in securities without restriction as to capitalization, credit quality or country.  Dorsey, Wright & Associates, LLC ("DWA"), the Fund's investment sub-advisor, uses technical analysis to allocate the Fund's portfolio among the following four market segments.  

·

U.S. Equity, including sectors such as consumer goods, energy and healthcare as well as styles such as large cap growth and small cap value, and;

·

International Equity, including developed market countries such as Japan and emerging market countries such as Malaysia; and

·

Fixed Income, such as U.S. Treasury or corporate bonds of any credit quality; and

·

Alternative Assets, such as commodities and real estate

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.

To maintain a balanced portfolio, the Fund will, under normal circumstances, invest:

·

from 25% to 65% in equity securities, including ETFs that invest in international and domestic equity securities;

·

from 25% to 65% in fixed income securities of any maturity and credit quality, including ETFs that invest in fixed income securities; and

·

from 10% to 40% in alternative assets, including through ETFs that invest in alternative assets and through the DWA Balanced Subsidiary.  

The Fund will invest in ETFs within specific market segments when DWA's technical models indicate a high probability that the applicable market segments are likely to outperform the applicable universe.  The Fund will sell interests or reduce investment exposure among a market segment and ETFs when DWA's technical models indicate that such markets or an ETF are likely to underperform the applicable universe.  The Fund may be heavily invested in fixed-income ETFs, cash positions and similar securities when DWA's technical models indicate these assets should significantly outperform the equity and/or alternative market segments.  Arrow Investment Advisors, LLC (the "Advisor"), the Fund's investment advisor, will utilize a quantitative methodology to invest in those commodity-related alternative assets expected to outperform their asset class.  The Fund's fixed income securities may be rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as "high-yield" or "junk" bonds, and in unrated debt securities determined by the sub-advisor to be of comparable quality.  The alternative asset market segment refers to investments that are historically non-correlated to either equity or fixed income investments such as commodities or real estate.

In general, the Fund's investments in equity securities are intended to achieve the capital appreciation component of its investment objective and the Fund's investments in fixed income securities are intended to achieve the capital preservation component of its investment objective.  Under normal circumstances, the Advisor and DWA expect that the Fund will invest a combined minimum of 35% in fixed income securities and in alternative investments.  The Fund's investments in alternative assets are intended to enable the portfolio to be less reliant on fixed income investments for reducing volatility and equities for increasing returns.  The Advisor and DWA may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

Principal Investment Risks:

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program.  Many factors affect the Fund's net asset value and performance.

The following risks apply to the Fund through its direct investments as well as indirectly through investments in ETFs and the DWA Balanced Subsidiary.

·

Commodity Risk: ETFs investing in the commodities markets and investments in the DWA Balanced Subsidiary may subject the Fund to greater volatility than investments in traditional securities.

·

Credit Risk:  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund or though an ETF, 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.  The Fund may invest, directly or indirectly, in "junk bonds."  Such securities are speculative investments that carry greater risks than higher quality debt securities.

·

Derivatives Risk: The Fund may use futures and options to track the returns of commodities.  Futures and options expose the Fund to leverage and tracking risks.  Additionally, long option positions may expire worthless.

·

ETF Risk:  ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds.  The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value.  Each ETF is subject to specific risks, depending on the nature of the ETF and ETFs that invest in the "Alternative Asset" market segment may be more volatile than other Fund investments.

·

Fixed Income Risk:  When the Fund invests in ETFs that own bonds, or in this type of security directly, 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 bond funds 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.

·

Foreign Investment Risk:  Although the Fund will not invest in the securities of foreign companies directly other than the DWA Balanced Subsidiary, it may invest in ETFs that invest in foreign international equity securities.  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.  

·

Issuer-Specific Risk:  The value of a specific security or ETF 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.

·

Leverage Risk:  Using derivatives to increase the Fund's exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk:  The Advisor's and DWA’s investment decisions about individual securities and derivatives as well as ETFs impact the Fund's ability to achieve its investment objective.  The Advisor's and DWA'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 or DWA's investment strategy will produce the desired results.

·

Market Risk:  Overall stock market risks may affect the value of individual securities, derivatives and ETFs in which the Fund invests.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

·

Non-Diversification Risk: As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund may also invest in ETFs that are non-diversified.  Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.  This fluctuation, if significant, may affect the performance of the Fund.

·

Portfolio Turnover Risk:  Portfolio turnover refers to the rate at which the securities held by the Fund are replaced.  The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs.  Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

·

Real Estate Risk:  ETFs that invest in real estate are subject to the risks associated with investing in real estate.  The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and changes in interest rates.

·

Sector Risk:  The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector.  Economic, legislative or regulatory developments may occur, which significantly affect the entire sector. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

·

Small and Medium Capitalization Stock Risk:  The value of a small or medium capitalization company stocks or ETFs that invests in stocks of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

·

Taxation Risk:  By investing in commodities indirectly through the DWA Balanced Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the DWA Balanced Subsidiary is a controlled foreign corporation, any income received from the DWA Balanced Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

·

Wholly-Owned Subsidiary Risk:  The DWA Balanced Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and DWA Balanced Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the DWA Balanced Subsidiary.

Performance:

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 Class A shares for each full calendar year since the Fund's inception.  The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index.  The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the “Predecessor Fund”) to a series of Arrow Investments Trust, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund.  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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting www.arrowfunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

Returns do not reflect sales charges, and would be lower if they did.

Class A Annual Total Return (Year ended December 31):

Bar Chart

Best Quarter

9/30/2009

9.78%

Worst Quarter

9/30/2008

(15.57)%


The year-to-date return as of the most recent calendar quarter which ended September 30, 2012  7.76%

Average Annual Total Returns ARROW DWA BALANCED FUND
1 Year
5 Years
Since Inception
Inception Date
ARROW DWA BALANCED FUND CLASS A SHARES
(9.26%) 1.18% 2.73% Aug. 07, 2006
ARROW DWA BALANCED FUND CLASS A SHARES After Taxes on Distributions
(9.27%) 0.96% 2.49%  
ARROW DWA BALANCED FUND CLASS A SHARES Return after Taxes on Distributions and Sale of Fund Shares
(6.02%) 0.90% 2.22%  
ARROW DWA BALANCED FUND CLASS C SHARES
(4.40%) 1.61% 3.08% Aug. 07, 2006
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
2.11% (0.25%) 1.90%  
Barclays Capital Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)
7.84% 6.50% 6.64%  

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns for Class C shares will differ from those of Class A shares.  The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

ARROW DWA TACTICAL FUND

ARROW DWA TACTICAL FUND

Investment Objective:

The Fund seeks to achieve long-term capital appreciation

with capital preservation as a secondary objective.

Fees and Expenses of the Fund:

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 66 of the Fund's Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees ARROW DWA TACTICAL FUND
ARROW DWA TACTICAL FUND CLASS A SHARES
ARROW DWA TACTICAL FUND CLASS C SHARES
ARROW DWA TACTICAL FUND INSTITUTIONAL CLASS SHARES
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) 5.75% none none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) 1.00% none none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) 1.00% 1.00% 1.00%

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses ARROW DWA TACTICAL FUND
ARROW DWA TACTICAL FUND CLASS A SHARES
ARROW DWA TACTICAL FUND CLASS C SHARES
ARROW DWA TACTICAL FUND INSTITUTIONAL CLASS SHARES
Management Fees 1.00% 1.00% 1.00%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.37% 0.37% 0.37% [1]
Acquired Fund Fees and Expenses [2] 0.30% 0.30% 0.30%
Total Annual Fund Operating Expenses 1.92% 2.67% 1.67%
[1] Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.
[2] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The 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.  The 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 upon these assumptions your costs would be:

Expense Example ARROW DWA TACTICAL FUND (USD $)
1 Year
3 Years
5 Years
10 Years
ARROW DWA TACTICAL FUND CLASS A SHARES
759 1,143 1,552 2,689
ARROW DWA TACTICAL FUND CLASS C SHARES
270 829 1,415 3,003
ARROW DWA TACTICAL FUND INSTITUTIONAL CLASS SHARES
170 526 907 1,976

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 262% of the average value of its portfolio.

Principal Investment Strategies:

The Fund primarily invests in (1) exchange traded funds ("ETFs") that each invest primarily in (i) equity securities, (ii) fixed income securities, or (iii) alternative assets; as well as in (2) commodity futures and (3) options on commodity futures.  The Fund defines equity securities to include ETFs that invest primarily in equity securities, such as common and preferred stocks; and defines fixed income securities to include ETFs that invest primarily in fixed income securities, such as bonds, notes and debentures; and defines alternative assets to include commodity futures, options on commodity futures and ETFs that invest primarily in alternative assets such as commodities and real estate-related securities.  When appropriate, Arrow Investment Advisors, LLC (the "Advisor"), the Fund's investment advisor may elect to invest in the underlying securities of a particular ETF.  The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "DWA Tactical Subsidiary").  The DWA Tactical Subsidiary will invest primarily in long commodity futures and options, as well as fixed income securities and other investments intended to serve as margin or collateral for the DWA Tactical Subsidiary's derivative positions.  When viewed on a consolidated basis, the DWA Tactical Subsidiary is subject to the same investment restrictions as the Fund.  The Fund will consolidate the DWA Tactical Subsidiary for purposes of financial statements, leverage and concentration.   The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.  The Advisor is solely responsible for managing the assets of the DWA Tactical Subsidiary.

The Fund is a "fund of funds," which means that it primarily invests in ETFs.  The Fund invests in securities without restriction as to capitalization, credit quality or country.  Dorsey, Wright & Associates, LLC ("DWA"), the Fund's investment sub-advisor, uses technical analysis to allocate the Fund's assets among equity, fixed income, and alternative asset market segments.  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.

Under normal circumstances, the Fund will invest:

·

From 0% to 100% of its assets in equity securities, including ETFs that invest in domestic and international, including emerging markets, equity securities;

·

From 0% to 100% of its assets in fixed income securities of any maturity and credit quality, including ETFs that invest in fixed income securities; and

·

From 0% up to 90% of its assets in alternative assets, including through ETFs that invest in alternative assets and through the DWA Tactical Subsidiary.  

The Fund will invest in ETFs within specific market segments when DWA's technical models indicate a high probability that the applicable market segments and ETFs are likely to outperform the applicable universe.  The Fund will sell interests or reduce investment exposure among a market segment and ETFs when DWA's technical models indicate that such markets and ETFs are likely to underperform the applicable universe.  The Fund may invest heavily in fixed-income ETFs, cash positions and similar securities when DWA's technical models indicate these assets should significantly outperform the equity and/or alternative market segments.  Arrow Investment Advisors, LLC (the "Advisor"), the Fund's investment advisor, will utilize a quantitative methodology to invest in those commodity-related alternative assets expected to outperform their asset class and sell ("short") those assets expected to underperform their asset class.  The Fund's fixed income securities may be rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO), also known as "high-yield" or "junk" bonds, and in unrated debt securities determined by the sub-advisor to be of comparable quality.  The alternative asset market segment refers to investments that are historically non-correlated to either equity or fixed income investments such as commodities or real estate.  In order to gain inverse exposure to the equity markets, the Fund may use the derivatives and futures described above.  The Fund also may use currency futures.

In general, the Fund's investments in equity securities are intended to achieve the capital appreciation component of the Fund's investment objectives.  At times, the Fund invests in fixed income securities in order to achieve the capital preservation component of the Fund's investment objectives.  The Fund's investments in alternative assets are intended to enable the portfolio to be less reliant on fixed income investments for reducing volatility and equities for increasing returns.  The Advisor and DWA may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objectives.

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.  

Principal Investment Risks:

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program.  Many factors affect the Fund's net asset value and performance.

The following risks apply to the Fund through its direct investments as well as indirectly through investments in ETFs and the DWA Tactical Subsidiary.

·

Commodity Risk:  ETFs investing in the commodities markets and investments in the DWA Tactical Subsidiary may subject the Fund to greater volatility than investments in traditional securities.

·

Credit Risk:  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund directly or through an ETF, 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.  The Fund may invest, directly or indirectly, in "junk bonds."  Such securities are speculative investments that carry greater risks than higher quality debt securities.

·

Derivatives Risk:  The Fund may use futures and options to track the returns of commodities.  Futures and options expose the Fund to leverage and tracking risks.  Additionally, long option positions may expire worthless.

·

ETF Risk:  ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds.  The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value.  Each ETF is subject to specific risks, depending on the nature of the ETF and ETFs that invest in the "Alternative Asset" market segment may be more volatile than other Fund investments.

·

Fixed Income Risk:  When the Fund invests in ETFs that own bonds, or in this type of security directly, 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 bond funds 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.

·

Foreign Investment Risk: Although the Fund will not invest in the securities of foreign companies directly other than the DWA Tactical Subsidiary, it may invest in ETFs that invest in foreign international equity securities.  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.  

·

Issuer-Specific Risk:  The value of a specific security or ETF 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.

·

Leverage Risk:  Using derivatives to increase the Fund's exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk:  The Advisor and DWA's investment decisions about individual securities and derivatives as well as ETFs impact the Fund's ability to achieve its investment objective.  The Advisor's and DWA'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 or DWA's investment strategy will produce the desired results.

·

Market Risk:  Overall stock market risks may affect the value of individual securities, derivatives and ETFs in which the Fund invests.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

·

Non-Diversification Risk:  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund may also invest in ETFs that are non-diversified.  Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.  This fluctuation, if significant, may affect the performance of the Fund.

·

Portfolio Turnover Risk:  Portfolio turnover refers to the rate at which the securities held by the Fund are replaced.  The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs.  Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

·

Real Estate Risk:  ETFs that invest in real estate are subject to the risks associated with investing in real estate.  The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and changes in interest rates.

·

Sector Risk:  The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector.  Economic, legislative or regulatory developments may occur, which significantly affect the entire sector.  This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

·

Small and Medium Capitalization Stock Risk:  The value of small or medium capitalization company stocks or ETFs that invests in stocks of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

·

Taxation Risk:  By investing in commodities indirectly through the DWA Tactical Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the DWA Tactical Subsidiary is a controlled foreign corporation, any income received from the DWA Tactical Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

·

Wholly-Owned Subsidiary Risk: The DWA Tactical Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and DWA Tactical Subsidiary, respectively, are organized, could result in the inability of the Fund and/or DWA Tactical Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the DWA Tactical Subsidiary.

Performance:

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 Class A shares for each full calendar year since the Fund's inception.  The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index.  The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the “Predecessor Fund”) to a series of Arrow Investments Trust, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund.  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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting www.arrowfunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

Returns do not reflect sales charges, and would be lower if they did.

Class A Annual Total Return (Year ended December 31):

Bar Chart

Best Quarter

9/30/2009

13.06%

Worst Quarter

9/30/2011

(11.03)%


The year-to-date return as of the most recent calendar quarter which ended September 30, 2012  5.21%

Average Annual Total Returns ARROW DWA TACTICAL FUND
1 Year
Since Inception
Inception Date
ARROW DWA TACTICAL FUND CLASS A SHARES
(12.28%) (6.05%) May 30, 2008
ARROW DWA TACTICAL FUND CLASS A SHARES After Taxes on Distributions
(13.74%) (6.52%)  
ARROW DWA TACTICAL FUND CLASS A SHARES Return after Taxes on Distributions and Sale of Fund Shares
(7.40%) (5.26%)  
ARROW DWA TACTICAL FUND CLASS C SHARES
(7.62%) (5.19%) May 30, 2008
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
2.11% (0.76%)  

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns for Class C shares will differ from those of Class A shares.  The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

ARROW MANAGED FUTURES STRATEGY FUND

ARROW MANAGED FUTURES STRATEGY FUND

Investment Objective:

The Fund seeks to provide investment results that match the performance of a benchmark for measuring trends in the commodity and financial futures markets.

Fees and Expenses of the Fund:

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 66 of the Fund's Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees ARROW MANAGED FUTURES STRATEGY FUND
ARROW MANAGED FUTURES STRATEGY FUND CLASS A SHARES
ARROW MANAGED FUTURES STRATEGY FUND CLASS C SHARES
ARROW MANAGED FUTURES STRATEGY FUND INSTITUTIONAL CLASS SHARES
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) 5.75% none none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) 1.00% none none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) 1.00% 1.00% 1.00%

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses ARROW MANAGED FUTURES STRATEGY FUND
ARROW MANAGED FUTURES STRATEGY FUND CLASS A SHARES
ARROW MANAGED FUTURES STRATEGY FUND CLASS C SHARES
ARROW MANAGED FUTURES STRATEGY FUND INSTITUTIONAL CLASS SHARES
Management Fees 0.85% 0.85% 0.85%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 0.40% 0.40% 0.40% [1]
Acquired Fund Fees and Expenses [2] 0.04% 0.04% 0.04%
Total Annual Fund Operating Expenses 1.54% 2.29% 1.29%
[1] Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.
[2] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The 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.  The 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 upon these assumptions your costs would be:

Expense Example ARROW MANAGED FUTURES STRATEGY FUND (USD $)
1 Year
3 Years
5 Years
10 Years
ARROW MANAGED FUTURES STRATEGY FUND CLASS A SHARES
723 1,033 1,366 2,304
ARROW MANAGED FUTURES STRATEGY FUND CLASS C SHARES
232 715 1,225 2,626
ARROW MANAGED FUTURES STRATEGY FUND INSTITUTIONAL CLASS SHARES
131 409 708 1,556

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 35% of the average value of its portfolio.

Principal Investment Strategies:

The Fund's advisor, Arrow Investment Advisors, LLC (the "Advisor"), seeks to achieve the Fund's investment objective by investing primarily in a combination of securities and derivatives that, as a whole, are expected to produce returns that track those of the benchmark.  The Fund's benchmark is the Trader Vic Index™ (the "benchmark").

The benchmark is constructed to capture both up and down price trends in physical commodities, global currencies and US interest rates.  The current components of the benchmark consist of approximately 14 sectors (6 commodity and 8 financial) with a total of 24 components, allocated 50% to financial futures, e.g., interest rates and currencies, and 50% to physical commodities, e.g., energy, metals and agriculture.  The components are positioned either long or short (except for the energy sector, which cannot have a short position) based on their prices relative to their moving averages.


Benchmark Market, Sectors and Components Scheme

Commodity Market: Sectors & Components

Financial Markets: Sectors

Energy+

Livestock+

Grains+

Softs+

Precious Metals+

Industrial Metals+

Currencies

US Interest Rates

Heating Oil

Hogs

Corn

Cocoa

Gold

Copper

Australian Dollar*

US 10-Year Note*

Crude Oil

Cattle

Soybeans

Coffee

Silver

 

British Pound*

US 30-Year Bond*

Natural Gas

 

Wheat

Cotton

 

 

Canadian Dollar*

 

Gasoline

 

 

Sugar

 

 

Euro*

 

 

 

 

 

 

 

Japanese Yen*

 

 

 

 

 

 

 

Swiss Franc*

 


Definition: + represents the commodity sectors; * represents the financial sectors, which is also the financial components.


The securities in the Fund's portfolio consist primarily of commodity, currency, and financial-linked structured notes; exchange-traded notes; exchange-traded funds and other investment companies (including mutual funds) that provide exposure to the managed commodities and financial futures markets.  The derivatives in the Fund's portfolio consist primarily of commodity, currency, and financial-linked derivative instruments, including swap agreements, commodity options, futures and options on futures, and equity securities.

The Advisor also intends to enter into short positions and other similar transactions to track the benchmark.  On certain occasions, the Fund may employ leveraging techniques to attempt to match the benchmark.  On a day-to-day basis, the Fund may hold U.S. government securities, short-term, high quality fixed-income securities, money market instruments, overnight and fixed-term repurchase agreements, cash, and other cash equivalents with maturities of one year or less to collateralize its derivative positions.

The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "Arrow MFT Subsidiary"). The Arrow MFT Subsidiary will invest primarily in (long and short) commodity and financial futures, options and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Arrow MFT Subsidiary's derivative positions.  When viewed on a consolidated basis, the Arrow MFT Subsidiary is subject to the same investment restrictions as the Fund.  The Fund will consolidate the Arrow MFT Subsidiary for purposes of financial statements, leverage and concentration.  The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.

The Fund's Advisor may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

Principal Investment Risks:

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.

The following describes the risks the Fund may bear through direct investments in securities and derivatives as well as indirectly through investments in ETFs, ETNs, structured notes and the Arrow MFT Subsidiary.

·

Benchmark Tracking Risk:  The Fund will not be able to replicate exactly the performance of the benchmark because the total return generated by the Fund's securities and derivatives will be reduced by transaction costs.  In addition, the Fund will incur expenses, such as management fees, not incurred by the benchmark.  The Advisor's judgments about the benchmark-tracking characteristics of securities and derivatives may prove incorrect and may not produce the desired benchmark-tracking results.

·

Commodity Risk:  Investing in the commodities markets will subject the Fund to greater volatility than investments in traditional securities.  Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

·

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 will lead to greater volatility in the price of a security and in shares of the Fund.  Lower credit quality also will affect liquidity and make it difficult for the Fund to sell the security.

·

Derivatives Risk: The Fund may use derivatives (including swaps, options, futures and options on futures) to track the returns of the benchmark.  The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

·

ETF Risk:  ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds.  The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value.  Each ETF is subject to specific risks, depending on the nature of the ETF.

·

ETN Risk:  The Fund may invest in exchange traded notes, which are debt securities whose returns are linked to a particular index.  ETNs are subject to credit risk and the value of an ETN will vary and will be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events. The Fund will bear its proportionate share of any fees and expenses borne by the ETN.

·

Fixed Income Risk:  The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates.  Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund.  On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases.  Your investment will decline in value if the value of the Fund's investments decreases.

·

Foreign Currency Risk:  Currency trading risks include market risk, credit risk and country risk.  Market risk results from adverse changes in exchange rates in the currencies the Fund are long or short.  Credit risk results because a currency-trade counterparty may default.  Country risk arises because a government may interfere with transactions in its currency.

·

Government Securities Risk:  The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities.  These securities may be backed by the credit of the government as a whole or only by the issuing agency.  No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.  Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.

·

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.

·

Leverage Risk:  Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

·

Management Risk:  The Advisor's investment decisions about individual securities 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.

·

Market Risk:  Overall securities and derivatives market risks will affect the value of individual instruments in which the Fund invests.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

·

Non-Diversification Risk:  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund may also invest in ETFs that are non-diversified.  Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.  This fluctuation, if significant, may affect the performance of the Fund.

·

Other Mutual Funds Risk:  Other mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly those other mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Other mutual funds are subject to specific risks, depending on the nature of the fund.

·

Portfolio Turnover Risk:  Portfolio turnover refers to the rate at which the securities held by the Fund are replaced.  The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which will reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs.  Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

·

Repurchase Agreement Risk:  A repurchase agreement involves the purchase by the Fund of securities with the agreement that, after a stated period of time, the original seller will buy back the same securities at an agreed upon price or yield.  However, if the seller defaults on its obligation to repurchase the securities, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.

·

Sector Risk:  The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector.  Economic, legislative or regulatory developments may occur, which significantly affect the entire sector.  This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

·

Short Position Risk:  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Advisor's ability to accurately anticipate the future value of a security or instrument.  The Fund's losses are potentially unlimited in a short position transaction.

·

Structured Note Risk:  The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer's credit quality rating, and economic, legal, political, or geographic events that affect the referenced commodity.  These notes are typically issued by banks or brokerage firms, and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices.  There may be a lag between a change in the value of the underlying reference asset and the value of the structured note.  The Fund may also be exposed to increased transaction costs.

·

Taxation Risk:  By investing in commodities indirectly through the Arrow MFT Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the Arrow MFT Subsidiary is a controlled foreign corporation, any income received from the Arrow MFT Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

·

Wholly-Owned Subsidiary Risk: The Arrow MFT Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and Arrow MFT Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Arrow MFT Subsidiary.

Performance:

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 Class A shares for each full calendar year since the Fund's inception.  The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index.  The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the “Predecessor Fund”) to a series of Arrow Investments Trust, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund.  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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year.

Updated performance information is available at no cost by visiting www.arrowfunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

Returns do not reflect sales charges, and would be lower if they did.

Class A Annual Total Return (Year ended December 31):

Bar Chart

Best Quarter

3/31/2011

3.48%

Worst Quarter

9/30/2011

(3.96)%


The year-to-date return as of the most recent calendar quarter which ended September 30, 2012  (12.03)%

Average Annual Total Returns ARROW MANAGED FUTURES STRATEGY FUND
1 Year
Since Inception
Inception Date
ARROW MANAGED FUTURES STRATEGY FUND CLASS A SHARES
(11.94%) (4.31%) Apr. 30, 2010
ARROW MANAGED FUTURES STRATEGY FUND CLASS A SHARES After Taxes on Distributions
(12.00%) (4.75%)  
ARROW MANAGED FUTURES STRATEGY FUND CLASS A SHARES Return after Taxes on Distributions and Sale of Fund Shares
(7.76%) (3.90%)  
ARROW MANAGED FUTURES STRATEGY FUND CLASS C SHARES
(7.27%) (1.52%) Apr. 30, 2010
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
2.11% 5.73%  
Trader Vic Index™
(4.21%) 0.86%  

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns for Class C shares will differ from those of Class A shares.  The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

ARROW COMMODITY STRATEGY FUND

ARROW COMMODITY STRATEGY FUND

Investment Objective:

The Fund seeks to provide investment results that correlate to the performance of a benchmark for commodity.

Fees and Expenses of the Fund:

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 66 of the Fund's Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees ARROW COMMODITY STRATEGY FUND
ARROW COMMODITY STRATEGY FUND CLASS A SHARES
ARROW COMMODITY STRATEGY FUND CLASS C SHARES
ARROW COMMODITY STRATEGY FUND INSTITUTIONAL CLASS SHARES
Maximum Sales Charge (Load) Imposed on Purchases (as a% of offering price) 5.75% none none
Maximum Deferred Sales Charge (Load) (as a% of redemption proceeds) 1.00% none none
Redemption Fee (as a% of amount redeemed, if shares are held less than 30 days) 1.00% 1.00% 1.00%

Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses ARROW COMMODITY STRATEGY FUND
ARROW COMMODITY STRATEGY FUND CLASS A SHARES
ARROW COMMODITY STRATEGY FUND CLASS C SHARES
ARROW COMMODITY STRATEGY FUND INSTITUTIONAL CLASS SHARES
Management Fees 0.80% 0.80% 0.80%
Distribution and/or Service (12b-1) Fees 0.25% 1.00% none
Other Expenses 1.17% 1.17% 1.17% [1]
Acquired Fund Fees and Expenses [2] 0.05% 0.05% 0.05%
Total Annual Fund Operating Expenses 2.27% 3.02% 2.02%
Fee Waiver [3] (0.22%) (0.22%) (0.22%)
Total Annual Fund Operating Expenses After Fee Waiver 2.05% 2.80% 1.80%
[1] Other expenses for Institutional Class shares are based on estimated amounts for the current fiscal year.
[2] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.
[3] The Fund's adviser has contractually agreed to waive its fees and/or reimburse expenses of the Fund, at least until November 30, 2013 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any brokerage fees and commissions, distribution fees, 12b-1 fees, Acquired Fund Fees and Expenses, borrowing costs, taxes and extraordinary expenses, such as litigation, do not exceed 2.00%, 2.75% and 1.75% of its average daily net assets of the Class A, Class C and Institutional Class shares, respectively of Fund. 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 foregoing expense limits. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the Fund's adviser.

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The 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.  The 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 upon these assumptions your costs would be:

Expense Example ARROW COMMODITY STRATEGY FUND (USD $)
1 Year
3 Years
5 Years
10 Years
ARROW COMMODITY STRATEGY FUND CLASS A SHARES
771 1,224 1,701 3,014
ARROW COMMODITY STRATEGY FUND CLASS C SHARES
283 913 1,567 3,321
ARROW COMMODITY STRATEGY FUND INSTITUTIONAL CLASS SHARES
183 612 1,068 2,330

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover 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 727% of the average value of its portfolio.

Principal Investment Strategies:

The Fund's advisor, Arrow Investment Advisors, LLC (the "Advisor"), seeks to achieve the Fund's investment objective by investing primarily in a combination of securities, such as exchanged-traded notes, exchanged traded funds, mutual funds, commodity index-linked notes and commodity-linked structured notes, and derivatives that, as a whole, are expected to produce returns that closely track those of a commodity market benchmark.  The Fund's benchmark is the Longview Extended Commodity Index.

The Longview Extended Commodity Index is a composite index of commodity sector returns, representing an unleveraged long-only investment in commodity futures that is broadly diversified across the spectrum of commodities.  Commodities are assets that have tangible properties, such as oil, metals, and agricultural products.  Commodities sectors represented in the Longview Extended Commodity Index include energy (such as oil and gas), metals, agriculture (such as corn and wheat), soft commodities (such as coffee and cocoa), and meats (such as cattle and hogs).  Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets like stock and bonds.  Over the long term, the returns of the fund’s investment are expected to exhibit low to negative correlation with stocks and bonds.

The Fund invests in commodity-linked derivative instruments, including swap agreements, commodity options, futures and options on futures that are expected to provide investment returns that are highly correlated to those of the commodities markets, without investing directly in physical commodities.  On certain occasions, the Fund may employ leveraging techniques to attempt to match the benchmark. On a day-to-day basis, the Fund may hold U.S. government securities, short-term, high quality fixed-income securities, money market instruments, overnight and fixed-term repurchase agreements, cash, and other cash equivalents with maturities of one year or less to collateralize its derivative positions.  The Fund is non-diversified and, therefore, may invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund.

The Fund will invest up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "Commodity Strategy Subsidiary").  The Commodity Strategy Subsidiary will invest primarily in long commodity futures, options and swap contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Commodity Strategy Subsidiary's derivative positions. The Commodity Strategy Subsidiary is subject to the same investment restrictions as the Fund. The Fund will consolidate the Commodity Strategy Subsidiary for purposes of financial statements, leverage and concentration.

Based on its historical price analysis and return forecasts, the Adviser buys securities and derivatives that it believes will produce returns that are highly correlated to the commodity futures contracts that compose the benchmark.  The Adviser sells securities and derivatives to purchase other securities and derivatives that it believes will have higher returns or more closely correlate to the commodity futures contracts in the benchmark.

Principal Investment Risks:

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.

The following describes the risks the Fund may bear through direct investments in securities and derivatives as well as indirectly through investments in ETFs, structured notes and the Commodity Strategy Subsidiary.

·

Benchmark Tracking Risk:  The Fund will not be able to replicate exactly the performance of the benchmark because the total return generated by the Fund's securities and derivatives will be reduced by transaction costs.  In addition, the Fund will incur expenses, such as management fees, not incurred by the benchmark.  The Advisor's judgments about the benchmark-tracking characteristics of securities and derivatives may prove incorrect and may not produce the desired benchmark-tracking results.

·

Commodity Risk:  Investing in the commodities markets will subject the Fund to greater volatility than investments in traditional securities.  Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

·

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 will lead to greater volatility in the price of a security and in shares of the Fund.  Lower credit quality also will affect liquidity and make it difficult for the Fund to sell the security.

·

Derivatives Risk:  The Fund may use derivatives (including swaps, options, futures and options on futures) to track the returns of the benchmark.  The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

·

ETF Risk:  ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds.  The ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track and the market value of ETF shares may differ from their net asset value.  Each ETF is subject to specific risks, depending on the nature of the ETF.

·

ETN Risk:  The Fund may invest in exchange traded notes, which are debt securities whose returns are linked to a particular index.  ETNs are subject to credit risk and the value of an ETN will vary and will be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events.  The Fund will bear its proportionate share of any fees and expenses borne by the ETN.

·

Fixed Income Risk:  The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates.  Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund.  On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases.  Your investment will decline in value if the value of the Fund’s investments decreases.

·

Government Securities Risk:  The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities.  These securities may be backed by the credit of the government as a whole or only by the issuing agency.  No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.  Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.

·

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.

·

Leverage Risk:  Using derivatives to increase the Fund’s exposure creates leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price.

·

Management Risk:  The Advisor's investment decisions about individual securities 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.

·

Market Risk:  Overall securities and derivatives market risks will affect the value of individual instruments in which the Fund invests.  Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets.  When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.

·

Non-Diversification Risk:  Because a relatively high percentage of the assets of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company.  This fluctuation, if significant, may affect the performance of the Fund.

·

Other Mutual Funds Risk:  Other mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly those other mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Other mutual funds are subject to specific risks, depending on the nature of the fund.

·

Portfolio Turnover Risk:  Portfolio turnover refers to the rate at which the securities held by the Fund are replaced.  The higher the rate, the higher the transactional and brokerage costs associated with the turnover, which may reduce the Fund's return unless the securities traded can be bought and sold without corresponding commission costs.  Active trading of securities may also increase a Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

·

Repurchase Agreement Risk:  A repurchase agreement involves the purchase by the Fund of securities with the agreement that, after a stated period of time, the original seller will buy back the same securities at an agreed upon price or yield.  However, if the seller defaults on its obligation to repurchase the securities, the fund may incur costs in disposing of the collateral and may experience losses if there is any delay in its ability to do so.

·

Sector Risk:  The Fund may focus its investments in securities of a particular sector or in ETFs that focus investments in securities of a particular sector.  Economic, legislative or regulatory developments may occur, which significantly affect the entire sector.  This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

·

Structured Note Risk:  The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer's credit quality rating, and economic, legal, political, or geographic events that affect the referenced commodity.  These notes are typically issued by banks or brokerage firms, and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices.  There may be a lag between a change in the value of the underlying reference asset and the value of the structured note.  The Fund may also be exposed to increased transaction costs.

·

Taxation Risk:  By investing in commodities indirectly through the Commodity Strategy Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.  However, because the Commodity Strategy Subsidiary is a controlled foreign corporation, any income received from the Commodity Strategy Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

·

Wholly-Owned Subsidiary Risk:  The Commodity Strategy Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Commodity Strategy Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Commodity Strategy Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Commodity Strategy Subsidiary.

Performance:

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 Class A shares for each full calendar year since the Fund's inception.  The performance table compares the performance of the Fund's Class A shares over time to the performance of a broad-based market index.  The Fund was reorganized on March 1, 2012 from a series of Northern Lights Fund Trust, a Delaware statutory trust, (the “Predecessor Fund”) to a series of Arrow Investments Trust, a Delaware statutory trust (the “Reorganization”).  The Fund is a continuation of the Predecessor Fund and, therefore, the performance information includes performance of the Predecessor Fund.  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. . Although Class C shares (formerly known as Advisor Class shares) and Institutional Class shares would have similar annual returns to Class A shares because the classes are invested in the same portfolio of securities, the returns for Class C and Institutional Class shares would be different from Class A shares because Class C and Institutional Class shares have different expenses than Class A shares Performance information for Institutional Class shares will be included after the share class has been in operation for one complete calendar year. Updated performance information is available at no cost by visiting www.arrowfunds.com or by calling 1-877-277-6933 (1-877-ARROW-FD).

Returns do not reflect sales charges, and would be lower if they did.

Class A Annual Total Return (Year ended December 31):

Bar Chart

Best Quarter

3/31/2011

10.90%

Worst Quarter

9/30/2011

(9.89)%


The year-to-date return as of the most recent calendar quarter which ended September 30, 2012  6.17%

Average Annual Total Returns ARROW COMMODITY STRATEGY FUND
1 Year
Inception Date
ARROW COMMODITY STRATEGY FUND CLASS A SHARES
(10.45%) Dec. 31, 2010
ARROW COMMODITY STRATEGY FUND CLASS A SHARES After Taxes on Distributions
(11.87%)  
ARROW COMMODITY STRATEGY FUND CLASS A SHARES Return after Taxes on Distributions and Sale of Fund Shares
(6.80%)  
ARROW COMMODITY STRATEGY FUND CLASS C SHARES
(5.57%) Dec. 31, 2010
S&P 500® Index (reflects no deduction for fees, expenses or taxes)
2.11%  
Longview Extended Commodity Index
(2.33%)  

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown.  After-tax returns for Class C shares will differ from those of Class A shares.  The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA").

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