0001527428 2026-05-29 2026-05-29 0001527428 ait:S000056852Member 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:AssetBackedSecuritiesRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:CounterpartyRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member us-gaap:CreditRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:DerivativesRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:ETFStructureRisksMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:NotIndividuallyRedeemableMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:TradingIssuesMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:MarketPriceVarianceRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:FixedIncomeRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:FuturesRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:IssuerSpecificRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:LargeShareholderRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:ManagementRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:MarketAndGeopoliticalRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member us-gaap:PrepaymentRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:RegulatoryRiskMember 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:C000180528Member 2026-05-29 2026-05-29 0001527428 ait:S000056852Member ait:C000180528Member 2018-01-01 2018-12-31 0001527428 ait:S000056852Member ait:C000180528Member 2019-01-01 2019-12-31 0001527428 ait:S000056852Member ait:C000180528Member 2020-01-01 2020-12-31 0001527428 ait:S000056852Member ait:C000180528Member 2021-01-01 2021-12-31 0001527428 ait:S000056852Member ait:C000180528Member 2022-01-01 2022-12-31 0001527428 ait:S000056852Member ait:C000180528Member 2023-01-01 2023-12-31 0001527428 ait:S000056852Member ait:C000180528Member 2024-01-01 2024-12-31 0001527428 ait:S000056852Member ait:C000180528Member 2025-01-01 2025-12-31 0001527428 ait:S000056852Member ait:C000180528Member 2021-01-01 2025-12-31 0001527428 ait:S000056852Member ait:C000180528Member 2017-03-30 2025-12-31 0001527428 ait:S000056852Member ait:C000180528Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001527428 ait:S000056852Member ait:C000180528Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001527428 ait:S000056852Member ait:C000180528Member oef:AfterTaxesOnDistributionsMember 2017-03-30 2025-12-31 0001527428 ait:S000056852Member ait:C000180528Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001527428 ait:S000056852Member ait:C000180528Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001527428 ait:S000056852Member ait:C000180528Member oef:AfterTaxesOnDistributionsAndSalesMember 2017-03-30 2025-12-31 0001527428 ait:S000056852Member ait:FTSETreasuryBill6MonthUSDIndexMember 2025-01-01 2025-12-31 0001527428 ait:S000056852Member ait:FTSETreasuryBill6MonthUSDIndexMember 2021-01-01 2025-12-31 0001527428 ait:S000056852Member ait:FTSETreasuryBill6MonthUSDIndexMember 2017-03-30 2025-12-31 iso4217:USD pure false 485BPOS N-1A 2026-01-31 0001527428 2026-05-29 ARROW INVESTMENTS TRUST 2026-06-01 2026-06-01 Fund Summary Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_za3vFcqbbVn3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to preserve capital while maximizing current income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zkdsVBYsnFed" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table below describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>Investors may pay other fees, such as brokerage commissions and other fees to financial intermediaries, on their purchases and sales of shares in the secondary market, which are not reflected in the table or the example below.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zIXRxzBqL741"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zJDQnUmOI5Mi" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 6pt; text-align: justify"></td> <td id="xdx_496_20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member__oef--ClassAxis__custom--C000180528Member_zlz6Z64p7H6k" style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; text-align: center"></td></tr> <tr id="xdx_408_eoef--ShareholderFeeOther_dn_zmgr2gp0Wj8l" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70%; padding-left: 6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees</b><br/> (fees paid directly from your investment)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-right: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr> </table> 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zuh70hvkjE11"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zIts1P328N2h" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 6pt; width: 70%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td id="xdx_49F_20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member__oef--ClassAxis__custom--C000180528Member_zb1c9QwpT5Ik" style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_z4ESxowgSnqi" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.30%</span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zknSWOh45AV" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_z9QckWcN7Efa" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.39%</span></td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zfDeuhkuLKY4" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.69%</span></td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z8gH5zmB9JU7" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waiver and/or Expense Reimbursement<sup id="xdx_F4A_zTYqAHFrjNze">(1)</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.19)%</span></td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zGs08Gb2ljKf" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses After Fee Waiver</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.50%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 80%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F04_zaoS4DNMntW2" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1E_zLsljF8hBiR2" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Arrow Investment Advisors, LLC (the “Advisor”) has contractually agreed to waive its fees and/or reimburse expenses of the Fund until <span id="xdx_90F_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_zu10TM8PpS78">May 31, 2027</span> to ensure that the Fund’s Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (exclusive of any front-end or contingent deferred sales loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses, foreign custody transaction costs and foreign account set up fees, and extraordinary expenses, such as litigation) will not exceed 0.50% of average daily net assets<b>. </b>These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limit that was in place at the time of waiver. This agreement may be terminated by the Fund’s Board of Trustees on 60 days’ written notice to the Advisor.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0030 0.0000 0.0039 0.0069 -0.0019 0.0050 May 31, 2027 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zbDociqT5PAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. This example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same and that the expense limitation agreement is not renewed . Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaEWQrLtzuj1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zM1yeAJ2RNK1" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="display: none; width: 0%"> </td> <td id="xdx_489_eoef--ExpenseExampleYear01_z7E8PHzjAloh" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 YEAR</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zbkWW5mMm5ql" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 YEARS</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zDGfjwnWIXi3" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 YEARS</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear10_z9DAJGFqHvp7" style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 YEARS</b></span></td></tr> <tr id="xdx_41E_20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member__oef--ClassAxis__custom--C000180528Member_zDe2rv9wdxni" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="display: none"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$51</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$202</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$365</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$841</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 51 202 365 841 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zTYM5ZdCXrCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_dp_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_zzCkFSd8Ny4b">80%</span> of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.80 Principal Investment Strategies of the Fund <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zei36J7eUNH4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund invests in a variety of domestic fixed income securities. The Fund invests in fixed income instruments with a dollar-weighted average effective maturity of 0 to 2 years issued by U.S. Dollar-denominated issuers, including mortgage- or asset-backed securities, rated Baa- or higher by Moody’s Investors Service, Inc.(“Moody’s”), or equivalently rated by Standard &amp; Poor’s Ratings Services (“S&amp;P”) or Fitch, Inc.(“Fitch”), or, if unrated, determined by the Fund’s sub-advisor, Halyard Asset Management LLC, (the “Sub-Advisor”), to be of comparable quality. The Fund may also invest in interest rate futures and forwards. The Fund’s investments in interest rate futures and forward contracts attempt to gain exposure to a particular group of securities or asset class without actually purchasing those securities or investments, or to hedge interest rate risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In selecting investments for purchase and sale, the Sub-Advisor attempts to maximize income by identifying securities that offer an acceptable yield for a given level of credit risk and maturity. The Sub-Advisor attempts to identify short duration securities that offer a comparably better return potential and yield than money market funds. The Fund is not a money market fund and is more risky than a money market fund. The Sub-Advisor may retain securities if the rating of the security falls below investment grade (commonly referred to as a “junk bond”), and the Sub-Advisor deems retention of the security to be in the best interests of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The average effective duration of the Fund will vary based on the Sub-Advisor’s forecast for interest rates and will normally not exceed 18 months. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed three years.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_gRBRTB-EJSC_zma0PDl4NJJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s net asset value, price of shares, and performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following risks apply to the Fund’s investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_zqWesW9ayUqh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Asset-Backed Securities Risk: </i>When the Fund invests in asset-backed securities and mortgage-backed securities, the Fund is subject to the risk that, if the underlying borrowers fail to pay interest or repay principal, the assets backing these securities may not be sufficient to support payments on the securities.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zp5F5B6YJCvk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>The Fund’s use of such financial instruments, including forward contracts, exposes the Fund to risks that are different than those associated with direct investments in portfolio securities. For example, if a forward contract counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_z0rMP9MH0ZC3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit Risk: </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. 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.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zcjUpwpdHrde"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk: </i>The use of derivative instruments (such as interest rate futures or forward contracts) involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-JKQY_zi4DgTkEfYAa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ETF Structure Risks: </i>The Fund is structured as an exchange-traded fund (“ETF”) and as a result is subject to the special risks, including:</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zA4ll1FtUpi9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable: </i>Shares of the Fund (“Shares”) are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” There can be no assurance that there will be sufficient liquidity in Shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_z8W0FmPqTnH7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues: </i>Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the securities in the Fund’s portfolio are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants (“Authorized Participants”) that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-DZCBL_z2XJmrLxjbni"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>: The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV:</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the Fund’s NAV.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than the Fund’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</span></td></tr></table><p id="xdx_A92_zIrl0l5ZQFJ3" style="margin-top: 0; margin-bottom: 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Shares and the Fund’s NAV.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund’s NAV.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_z4MAtCl9jmeb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Risk: </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund’s investments decreases.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zWpZpN417v5g"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk: </i>The Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Futures contracts may become mispriced or improperly valued when compared to the Advisor’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the securities upon which they are based.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zpC1nDbfXAj1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuer-Specific Risk: </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. The value of securities of smaller issuers can be more volatile than that of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. The value of a debt security may decline for a number of reasons directly related to the issuer of such security, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zsvuzo4sh6Vl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Large Shareholder Risk: </i>A significant percentage of the Fund’s shares may be owned or controlled by a large shareholder, such as other funds, including those of which the Adviser may have investment discretion. Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by significant shareholders. These inflows and outflows could be significant and, if frequently occurring, could negatively affect the Fund’s net asset value and performance and could cause the Fund to buy or sell securities at inopportune times in order to meet purchase or redemption requests.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zQ4fXiu8V1Xe"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk: </i>The Advisor’s investment decisions about individual securities and derivatives impact the Fund’s ability to achieve its investment objective. The Advisor’s judgments about the attractiveness and potential appreciation of particular investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Advisor’s investment strategy will produce the desired results.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z15Sfpv57tD9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk: </i>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentRiskMember_zaKv5ISrDZOa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Prepayment Risk: </i>The Fund may invest in debt securities, which may be paid off early when the issuer of a debt security can repay the principal prior to a security’s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.</span></td></tr></table></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_z11LI7ZrxqC9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulatory Risk: </i>Regulatory authorities in the United States may restrict the ability of the Fund to fully implement its strategy, either generally, or with respect to certain securities, industries or countries, which may impact the Fund’s ability to fully implement its investment strategies.</span></td></tr></table></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_zqWesW9ayUqh"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Asset-Backed Securities Risk: </i>When the Fund invests in asset-backed securities and mortgage-backed securities, the Fund is subject to the risk that, if the underlying borrowers fail to pay interest or repay principal, the assets backing these securities may not be sufficient to support payments on the securities.</span></td></tr></table></div><div id="xdx_C00_gRBRTB-EJSC_z56ltdvboRG7"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zp5F5B6YJCvk"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk: </i>The Fund’s use of such financial instruments, including forward contracts, exposes the Fund to risks that are different than those associated with direct investments in portfolio securities. For example, if a forward contract counterparty defaults on its payment obligations to the Fund, this default will cause the value of your investment in the Fund to decrease.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-EJSC_zbBc0jLLh0o3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_z0rMP9MH0ZC3"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit Risk: </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. 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.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-EJSC_zMXZc7ksbKE2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zcjUpwpdHrde"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk: </i>The use of derivative instruments (such as interest rate futures or forward contracts) involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.</span></td></tr></table></div><div id="xdx_C01_gRBRTB-EJSC_zfCfIbz05Zzg"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructureRisksMember_gRBRTB-JKQY_zi4DgTkEfYAa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ETF Structure Risks: </i>The Fund is structured as an exchange-traded fund (“ETF”) and as a result is subject to the special risks, including:</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-EJSC_zLlC2bTm8Hq7"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0C_gRBRTB-EJSC_zu8Q9jabsrTh"><div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zA4ll1FtUpi9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable: </i>Shares of the Fund (“Shares”) are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” There can be no assurance that there will be sufficient liquidity in Shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.</span></td></tr></table></div></div><div id="xdx_C0F_gRBRTB-EJSC_zLVBOMLUhHz1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C02_gRBRTB-EJSC_zolKTVAI1P2a"><div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_z8W0FmPqTnH7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues: </i>Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the securities in the Fund’s portfolio are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants (“Authorized Participants”) that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-EJSC_z4em0ZA87dB6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0B_gRBRTB-EJSC_z1saN61fcW2l"><div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-DZCBL_z2XJmrLxjbni"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>: The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV:</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-EJSC_zvkpOwTlVCSi"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-EJSC_zWvBzQ077R58"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the Fund’s NAV.</span></td></tr></table></div><div id="xdx_C0B_gRBRTB-EJSC_zJVDeQ3vu3v9"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C0A_gRBRTB-EJSC_zUKn1786wotl"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than the Fund’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</span></td></tr></table></div><div id="xdx_C0F_gRBRTB-EJSC_z5qsvJxW5so4"><p id="xdx_A92_zIrl0l5ZQFJ3" style="margin-top: 0; margin-bottom: 0"> </p></div><div id="xdx_C0C_gRBRTB-EJSC_z5VkcmAjoYol"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Shares and the Fund’s NAV.</span></td></tr></table></div><div id="xdx_C03_gRBRTB-EJSC_zs51sR6yZMe9"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div><div id="xdx_C06_gRBRTB-EJSC_zTxLEzgJL9Gl"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund’s NAV.</span></td></tr></table></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zA4ll1FtUpi9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable: </i>Shares of the Fund (“Shares”) are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as “Creation Units.” There can be no assurance that there will be sufficient liquidity in Shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-JKQY_zroYfLNf5oA8"><div id="xdx_C0F_gRBRTB-EJSC_zLVBOMLUhHz1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_z8W0FmPqTnH7"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues: </i>Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the securities in the Fund’s portfolio are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants (“Authorized Participants”) that can post collateral on an agency basis is limited, which may limit the market for the Shares.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-JKQY_zpH9A72tjP8j"><div id="xdx_C05_gRBRTB-EJSC_z4em0ZA87dB6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_gRBRTB-DZCBL_z2XJmrLxjbni"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>: The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV:</span></td></tr></table></div><div id="xdx_C0D_gRBRTB-JKQY_zEKAamDNlsMa"><div id="xdx_C05_gRBRTB-EJSC_zvkpOwTlVCSi"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C0B_gRBRTB-JKQY_ze3y7UNHFoM8"><div id="xdx_C06_gRBRTB-EJSC_zWvBzQ077R58"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the Fund’s NAV.</span></td></tr></table></div></div> <div id="xdx_C00_gRBRTB-JKQY_zSySe8JzDMf5"><div id="xdx_C0B_gRBRTB-EJSC_zJVDeQ3vu3v9"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div> <div id="xdx_C04_gRBRTB-JKQY_z6GJozK1swa1"><div id="xdx_C0A_gRBRTB-EJSC_zUKn1786wotl"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than the Fund’s NAV, which is reflected in the bid and ask price for Shares or in the closing price.</span></td></tr></table></div></div> <div id="xdx_C06_gRBRTB-JKQY_zeSFLnl3N21b"><div id="xdx_C0C_gRBRTB-EJSC_z5VkcmAjoYol"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When all or a portion of an ETF’s underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Shares and the Fund’s NAV.</span></td></tr></table></div></div><div id="xdx_C05_gRBRTB-JKQY_zRhzXjYPypV4"><div id="xdx_C03_gRBRTB-EJSC_zs51sR6yZMe9"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div></div><div id="xdx_C05_gRBRTB-JKQY_zbsoiAJzGlAl"><div id="xdx_C06_gRBRTB-EJSC_zTxLEzgJL9Gl"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 1.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">■</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund’s NAV.</span></td></tr></table></div></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_z4MAtCl9jmeb"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Risk: </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund’s investments decreases.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-EJSC_zxUdqdM455Ag"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zWpZpN417v5g"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk: </i>The Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-EJSC_zTT1AESLCIha"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_C0D_gRBRTB-EJSC_zbYSQZt1v1Sb"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Futures contracts may become mispriced or improperly valued when compared to the Advisor’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the securities upon which they are based.</span></p></div> <div id="xdx_C03_gRBRTB-EJSC_zOONGFkmOJRe"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerSpecificRiskMember_zpC1nDbfXAj1"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuer-Specific Risk: </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. The value of securities of smaller issuers can be more volatile than that of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. The value of a debt security may decline for a number of reasons directly related to the issuer of such security, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.</span></td></tr></table></div><div id="xdx_C0A_gRBRTB-EJSC_zKvDEgInHpek"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zsvuzo4sh6Vl"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Large Shareholder Risk: </i>A significant percentage of the Fund’s shares may be owned or controlled by a large shareholder, such as other funds, including those of which the Adviser may have investment discretion. Accordingly, the Fund can be subject to the potential for large scale inflows and outflows as a result of purchases and redemptions made by significant shareholders. These inflows and outflows could be significant and, if frequently occurring, could negatively affect the Fund’s net asset value and performance and could cause the Fund to buy or sell securities at inopportune times in order to meet purchase or redemption requests.</span></td></tr></table></div><div id="xdx_C05_gRBRTB-EJSC_zzeFu1mS2fKb"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zQ4fXiu8V1Xe"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk: </i>The Advisor’s investment decisions about individual securities and derivatives impact the Fund’s ability to achieve its investment objective. The Advisor’s judgments about the attractiveness and potential appreciation of particular investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Advisor’s investment strategy will produce the desired results.</span></td></tr></table></div><div id="xdx_C06_gRBRTB-EJSC_zO5asJlMIYzk"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z15Sfpv57tD9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk: </i>The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</span></td></tr></table></div><div id="xdx_C08_gRBRTB-EJSC_zwzBLpZmqfs6"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentRiskMember_zaKv5ISrDZOa"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Prepayment Risk: </i>The Fund may invest in debt securities, which may be paid off early when the issuer of a debt security can repay the principal prior to a security’s maturity. If interest rates are falling, the Fund may have to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.</span></td></tr></table></div><div id="xdx_C0C_gRBRTB-EJSC_zu8EXktCYTQ1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_z11LI7ZrxqC9"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulatory Risk: </i>Regulatory authorities in the United States may restrict the ability of the Fund to fully implement its strategy, either generally, or with respect to certain securities, industries or countries, which may impact the Fund’s ability to fully implement its investment strategies.</span></td></tr></table></div> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_z8hsbGBXnFjk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_z24sp2JVtoy5">The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s shares for each full calendar year since the Fund’s inception.</span> The performance table compares the performance of the Fund’s shares over time to the performance of a broad-based market index. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_z8wJS09Jqz14">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.</span> Updated performance information is available at no cost by visiting <span style="text-decoration: underline"><span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_zQx9vzD2emF7">www.ArrowFunds.com</span></span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_zRzMuHM3TSx3">1-877-277-6933 (1-877-ARROW-FD)</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Fund’s shares for each full calendar year since the Fund’s inception. 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. www.ArrowFunds.com 1-877-277-6933 (1-877-ARROW-FD) Annual Total Return (Year ended December 31):   <div id="xdx_A80_eoef--BarChartTableTextBlock_zVrBXPTHl3Dc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zkZCk7nKIcuk" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top; text-align: center"> <td style="text-align: center; width: 11%"> </td> <td id="xdx_492_20180101__20181231_zpvHX8PLTQx2" style="text-align: center; width: 11%">2018</td> <td id="xdx_495_20190101__20191231_zgiRc2lxUAOb" style="text-align: center; width: 11%">2019</td> <td id="xdx_493_20200101__20201231_ziya5tjzpMzc" style="text-align: center; width: 11%">2020</td> <td id="xdx_49F_20210101__20211231_zHCArB9XxBBa" style="text-align: center; width: 11%">2021</td> <td id="xdx_494_20220101__20221231_zggnG3VkDiZ3" style="text-align: center; width: 11%">2022</td> <td id="xdx_49D_20230101__20231231_zeEfAGRV0Ig" style="text-align: center; width: 11%">2023</td> <td id="xdx_491_20240101__20241231_zd3JfwHmpWhb" style="text-align: center; width: 11%">2024</td> <td id="xdx_491_20250101__20251231_zCrPJLWVpmak" style="text-align: center; width: 11%">2025</td></tr> <tr id="xdx_40B_eoef--AnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000056852Member__oef--ClassAxis__custom--C000180528Member_zwLOEyv4iVp7" style="vertical-align: top; text-align: center"> <td> </td> <td>1.58%</td> <td>2.67%</td> <td>0.90%</td> <td>-0.26%</td> <td>0.48%</td> <td>5.03%</td> <td>5.10%</td> <td>4.15%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img alt="(BAR GRAPH)" src="ar002_v1.jpg"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0158 0.0267 0.0090 -0.0026 0.0048 0.0503 0.0510 0.0415 <div id="xdx_A86_eoef--BarChartClosingTextBlock_zlfft1Gs7ID"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_98F_eoef--HighestQuarterlyReturnLabel_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_zyYQz3cOdyPg" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">Best Quarter</td> <td id="xdx_98E_eoef--BarChartHighestQuarterlyReturnDate_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_ztgsFqhuLcH6" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">12/31/2023</td> <td id="xdx_989_eoef--BarChartHighestQuarterlyReturn_dp_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_zewj4lu6aggb" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">1.61%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #D9D9D9"> <td id="xdx_98A_eoef--LowestQuarterlyReturnLabel_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_z2f9e2AtPWk9" style="font: 10pt Times New Roman, Times, Serif; text-align: center">Worst Quarter</td> <td id="xdx_983_eoef--BarChartLowestQuarterlyReturnDate_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_zBt0x2FpL3bc" style="font: 10pt Times New Roman, Times, Serif; text-align: center">3/31/2022</td> <td id="xdx_984_eoef--BarChartLowestQuarterlyReturn_dp_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_z2cGciGg5mz1" style="font: 10pt Times New Roman, Times, Serif; text-align: center">(0.51)%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--YearToDateReturnLabel_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_zzm7FuyC9lt">The year-to-date return as of the most recent calendar quarter</span>, which ended <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_zvfxu2QX16Ig">March 31, 2026</span> was <span id="xdx_90F_eoef--BarChartYearToDateReturn_dp_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_ztQ9MpU8zEHc">0.70%</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Best Quarter 2023-12-31 0.0161 Worst Quarter 2022-03-31 -0.0051 The year-to-date return as of the most recent calendar quarter 2026-03-31 0.0070 Average Annual Total Returns (as of December 31, 2025)   <div id="xdx_A87_eoef--PerformanceTableTextBlock_zJBoIwVeDKr6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zmLt1XRG42Id" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; width: 55%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_491_20250101__20251231_zvB6sGOCgvo7" style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One<br/> Year</b></span></td> <td id="xdx_495_20210101__20251231_zfWojuQUb0A9" style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: top; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Five<br/> Years</b></span></td> <td id="xdx_493_20170330__20251231_z6tlwLREN4ag" style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since<br/> Inception<span id="xdx_F5D_zgdz9c4VA9x9">*</span></b></span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000056852Member__oef--ClassAxis__custom--C000180528Member_zsXIwkFqz4dk" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20250101__20251231__dei--LegalEntityAxis__custom--S000056852Member__oef--ClassAxis__custom--C000180528Member_zYdC8wBZXLu5">Return Before Taxes</span></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.87%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.31%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000056852Member__oef--ClassAxis__custom--C000180528Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zyM28WlMN23i" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return after Taxes on Distributions</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.40%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.69%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.36%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000056852Member__oef--ClassAxis__custom--C000180528Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zAyBy1zQD0Sc" style="font: 10pt Times New Roman, Times, Serif; background-color: #D9D9D9"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return after Taxes on Distributions and Sale of Fund Shares</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.43%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.69%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.36%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--S000056852Member__oef--PerformanceMeasureAxis__custom--FTSETreasuryBill6MonthUSDIndexMember_z0D2R1sJr3wf" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FTSE Treasury Bill 6 Month USD Index<sup id="xdx_F41_zAVRcDAxrV4l">(1)</sup></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.48%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.34%</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 1.45pt 2.15pt; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.57%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b id="xdx_F03_zwCEu4m81zJd">*</b></span></td><td style="text-align: justify"><span id="xdx_F12_zHQHxEdeBjwg" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Commencement of trading was <span id="xdx_901_eoef--PerfInceptionDate_c20250101__20251231__dei--LegalEntityAxis__custom--S000056852Member__oef--ClassAxis__custom--C000180528Member_zYKFMuopB3ui">March 30, 2017</span>.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.3in; text-align: left"><span id="xdx_F03_zTkcPCB2MwT9" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1C_zSsVZ564Yrni" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">The FTSE Treasury Bill 6 Month USD Index is a market value-weighted index of public obligations of the U.S. Treasury with maturities of six months. <span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_z2njZVQ3rIKl">The index reflects no deduction for fees, expenses or taxes.</span> Investors cannot invest directly in an index.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Return Before Taxes 0.0415 0.0287 0.0231 0.0240 0.0169 0.0136 0.0243 0.0169 0.0136 0.0448 0.0334 0.0257 2017-03-30 The index reflects no deduction for fees, expenses or taxes. <p id="xdx_A8E_eoef--PerformanceTableClosingTextBlock_zSDkJJndy7o2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_z2imLlIhozod">After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260529__20260529__dei--LegalEntityAxis__custom--S000056852Member_zJAePJfk5PVg">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.</span></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. Arrow Investment Advisors, LLC (the “Advisor”) has contractually agreed to waive its fees and/or reimburse expenses of the Fund until May 31, 2027 to ensure that the Fund’s Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (exclusive of any front-end or contingent deferred sales loads, taxes, leverage interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, underlying fund fees and expenses, foreign custody transaction costs and foreign account set up fees, and extraordinary expenses, such as litigation) will not exceed 0.50% of average daily net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limit that was in place at the time of waiver. This agreement may be terminated by the Fund’s Board of Trustees on 60 days’ written notice to the Advisor. Commencement of trading was March 30, 2017. The FTSE Treasury Bill 6 Month USD Index is a market value-weighted index of public obligations of the U.S. Treasury with maturities of six months. The index reflects no deduction for fees, expenses or taxes. Investors cannot invest directly in an index.