The word "Arcana" is the plural of the word "Arcanum", which means a deep secret or an unsolved mystery.
His effect reflects the naiveté of the Tarot archetype of the same name.
Along with Arcana Force XII - The Hangman, The Fool's effect is unique among other Arcana Force monsters, as flipping a Heads gives him his negative effect, and Tails gives him his positive. This is reversed for most other Arcana Force monsters.
In its appearance in the anime, however, it was given to Jaden by Sartorius and summoned through Decisive Power of Absolute Destiny. Its upright effect was beneficial to Sartorius, as Jaden was therefore unable to remove it from the field with his own cards.
The last part of this card's name (The Fool) can be translated to Idioten in Swedish, which in turn translates to The Idiot, instead.
This is one of the few "Arcana Force" monsters whose ATK and DEF are not equal to its number times 100, plus 1000. If it were, its ATK and DEF would each be 1000 ((0 x 100) + 1000). The other "Arcana Force" monsters whose ATK and DEF do not follow this pattern are "Arcana Force EX - The Dark Ruler" and "Arcana Force EX - The Light Ruler".