INVESTMENT ADVISORY AGREEMENTInvestment Advisory Agreement • March 24th, 2021 • Arrow Investments Trust • New York
Agreement made as of March 22, 2021, between ARROW INVESTMENT TRUST, a Delaware statutory trust (“Trust”), and ARROW INVESTMENT ADVISORS, LLC (“Adviser”), a Delaware limited liability company registered as an investment adviser under the Investment Advisers Act of 1940, as amended (“Advisers Act”).
Arrow Investments Trust 6100 Chevy Chase Drive, Suite 100 Laurel, Maryland 20707 ETF Series Solutions 615 East Michigan Street Milwaukee, Wisconsin 53202Tax Opinion • March 24th, 2021 • Arrow Investments Trust
Re: AGREEMENT AND PLAN OF REORGANIZATION, DATED AS OF __________________, 2021 (THE “AGREEMENT”), BY AND AMONG ETF SERIES SOLUTIONS (“ESS”) on behalf of ITS SERIES, REVERSE CAP WEIGHTED U.S. LARGE CAP ETF (THE “EXISTING FUND”), ARROW INVESTMENTS TRUST (“AIT”) on behalf of ITS SERIES, ARROW REVERSE CAP 500 ETF (THE “new fund”) AND, SOLELY FOR PURPOSES OF SECTIONS 3.2, 7.4, 8.3, 9.2 AND 10.2 THEREOF, ARROW INVESTMENT ADVISORS, LLC (“Arrow”) AND, solely for purposes of sections 8.3, 9.2 and 10.2 thereof, csat investment advisory, L.P., d/b/a/ Exponential ETFs (“Exponential ETFs”)
