This is a ranger arrow used in the film. Made by the master craftsman at WETA Workshop in New Zeland.
The arrow has a resin arrowhead and has been fletched with real feathers. Each arrow is specific to different groups of people and creatures. This arrow is a Gondorian Ranger arrow. Seen when you first see the Oliphants in the films.
More from The Lord of the Rings: The Fellowship of the Ring (2001)