This was given to me by a friend today, who had visited a recent Mardi Gras parade. His girlfriend found it while randomly scavenging around.
It originally had a red rubber band on it, but that ended up cut and lost, hence the regular rubber band to keep it closed. Thankfully it was never used though.
Loved watching vids of all the different types of expanding arrowheads you can use, the ballistics gelatine and slowmo really show the good ones from the bad since some just don't open up like they are supposed to.