0001580642-20-002215 Sample Contracts

SUBADVISORY AGREEMENT
Subadvisory Agreement • May 29th, 2020 • Arrow Investments Trust • Delaware

THIS AGREEMENT is made and entered into as of the 6th day of May, 2019, by and between ARROW INVESTMENT ADVISORS, LLC (the “Adviser”), a Delaware limited liability company registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and HALYARD ASSET MANAGEMENT LLC, (the “Subadviser”) a limited liability company under the laws of the State of Delaware, and also registered under the Advisers Act with respect to the Arrow Reserve Capital Management ETF (the “Fund”), a series of the ARROW INVESTMENTS TRUST, a Delaware statutory trust (the “Trust”).

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Contract
Fund Services Agreement • May 29th, 2020 • Arrow Investments Trust

Certain identified information has been excluded from this exhibit because it is not material and would cause competitive harm to the registrant if publicly disclosed.

APPENDIX III
Fund Services Agreement • May 29th, 2020 • Arrow Investments Trust

This Appendix III is part of the Fund Services Agreement dated June 11, 2015, as amended (the “Agreement”), between Arrow Investments Trust, Arrow ETF Trust (the “Trusts”) and Gemini Fund Services, LLC (“GFS”). Set forth below are the Services elected by the Fund(s) identified on this Appendix III along with the associated Fees. Capitalized terms used herein that are not otherwise defined shall have meanings ascribed to them in the Agreement.

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