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        <averagePercentagePurchased>100</averagePercentagePurchased>
        <standardDeviationPurchased>0</standardDeviationPurchased>
        <creationUnitPurchasedInKind>0</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>0</averagePercentageRedeemed>
        <percentSDRedeemed>0</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>0</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>150</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>0</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>150</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>0</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>150</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>0</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>150</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>0</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
      <exchangeTradedFund>
        <fundName>Arrow QVM Equity Factor ETF</fundName>
        <etfSeriesId>S000047617</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="QVM"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="Deutsche Bank Securities, Inc." authorizedParticipantFileNo="8-17822" authorizedParticipantCrdNo="N/A" authorizedParticipantLei="9J6MBOOO7BECTDTUZW19" authorizedParticipantPurchaseValue="1416043" authorizedParticipantRedeemValue="2885005"/>
          <authorizedParticipant authorizedParticipantName="CANTOR FITZGERALD SECURITIES" authorizedParticipantFileNo="8-37708" authorizedParticipantCrdNo="N/A" authorizedParticipantLei="5493004J7H4GCPG6OB62" authorizedParticipantPurchaseValue="1250723" authorizedParticipantRedeemValue="0"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>50000</creationUnitNumOfShares>
        <averagePercentagePurchased>0.36</averagePercentagePurchased>
        <standardDeviationPurchased>0</standardDeviationPurchased>
        <creationUnitPurchasedInKind>99.64</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>0</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>5.9</averagePercentageRedeemed>
        <percentSDRedeemed>0</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>994.1</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>0</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>0</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>500</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>2</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>0</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>500</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>2</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>0</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>500</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>2.00</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>0</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>500</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>2.00</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>N</isInKindETF>
      </exchangeTradedFund>
    </exchangeSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="ARROW INVESTMENTS TRUST" signedDate="2019-04-11" signature="Sam Singh" title="Treasurer"/>
  </formData>
</edgarSubmission>
