ARROW RESERVE CAPITAL MANAGEMENT ETF
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 61.6%      
    AEROSPACE & DEFENSE — 4.4%      
743,000   Northrop Grumman Corporation   3.2000 02/01/27 $ 738,178
30,000   Northrop Grumman Corporation   3.2500 01/15/28   29,500
736,000   RTX Corporation   3.5000 03/15/27   732,248
782,000   Textron, Inc.   3.6500 03/15/27   777,860
              2,277,786
    BANKING — 5.7%      
75,000   Bank of America Corporation(a) TSFR3M + 1.022% 4.6960 09/15/26   75,127
192,000   Citigroup, Inc.   3.4000 05/01/26   192,000
481,000   Citigroup, Inc.   3.2000 10/21/26   478,877
334,000   Citizens Financial Group, Inc.   2.8500 07/27/26   332,812
21,000   JPMorgan Chase & Company   3.2000 06/15/26   20,982
500,000   JPMorgan Chase Bank NA   5.1100 12/08/26   503,006
250,000   KeyBank NA   5.8500 11/15/27   254,835
375,000   PNC Financial Services Group, Inc. (The)   3.1500 05/19/27   371,626
250,000   Synchrony Bank   5.6250 08/23/27   252,256
201,000   US Bancorp   3.1500 04/27/27   199,343
250,000   Wells Fargo Bank NA   5.4500 08/07/26   250,695
              2,931,559
    BIOTECH & PHARMA — 1.5%      
531,000   AbbVie, Inc.   4.8000 03/15/27   534,238
221,000   Zoetis, Inc.   3.0000 09/12/27   217,299
              751,537
    CHEMICALS — 1.0%      
509,000   Sherwin-Williams Company (The)   3.4500 06/01/27   504,597
             
    DIVERSIFIED INDUSTRIALS — 1.0%      
503,000   Parker-Hannifin Corporation   4.2500 09/15/27   503,249
             
    E-COMMERCE DISCRETIONARY — 1.0%      
531,000   Amazon.com, Inc.   3.8500 03/13/28   528,740
             
    ELECTRIC UTILITIES — 11.7%      
167,000   American Electric Power Company, Inc.   5.7500 11/01/27   169,978
518,000   Dominion Energy, Inc.   2.8500 08/15/26   515,976
 
 

 

ARROW RESERVE CAPITAL MANAGEMENT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 61.6% (Continued)      
    ELECTRIC UTILITIES — 11.7% (Continued)      
253,000   Dominion Energy, Inc.   3.6000 03/15/27 $ 251,579
973,000   Duke Energy Corporation   2.6500 09/01/26   967,813
701,000   Entergy Corporation   2.9500 09/01/26   698,258
68,000   Entergy Texas, Inc.   1.5000 09/01/26   67,313
255,000   Evergy Kansas Central, Inc.   3.1000 04/01/27   252,983
70,000   Eversource Energy   4.7500 05/15/26   70,015
321,000   Exelon Corporation   2.7500 03/15/27   317,238
27,000   NextEra Energy Capital Holdings, Inc.   3.5500 05/01/27   26,818
764,000   NextEra Energy Capital Holdings, Inc.   4.6850 09/01/27   767,622
641,000   PPL Capital Funding, Inc.   3.1000 05/15/26   640,685
1,000,000   Southern Company (The)   3.2500 07/01/26   998,778
99,000   Virginia Electric and Power Company   3.7500 05/15/27   98,660
85,000   WEC Energy Group, Inc.   5.6000 09/12/26   85,342
25,000   WEC Energy Group, Inc.   5.1500 10/01/27   25,263
              5,954,321
    ELECTRICAL EQUIPMENT — 1.3%      
155,000   Carrier Global Corporation(b)   2.4930 02/15/27   153,058
220,000   Carrier Global Corporation   2.4930 02/15/27   217,243
305,000   Hubbell, Inc.   3.1500 08/15/27   300,417
              670,718
    FOOD — 1.1%      
53,000   General Mills, Inc.   4.7000 01/30/27   53,216
509,000   The Campbell's Company   5.2000 03/19/27   512,885
              566,101
    HEALTH CARE FACILITIES & SERVICES — 1.4%      
190,000   Evernorth Health, Inc.   3.4000 03/01/27   188,843
535,000   Quest Diagnostics, Inc.   3.4500 06/01/26   534,686
              723,529
    INSTITUTIONAL FINANCIAL SERVICES — 4.6%      
264,000   Bank of New York Mellon Corporation (The)   2.8000 05/04/26   263,974
568,000   Goldman Sachs Group, Inc. (The)   3.5000 11/16/26   566,265
452,000   Goldman Sachs Group, Inc. (The)   3.8500 01/26/27   451,104
589,000   Morgan Stanley   3.6250 01/20/27   587,027
155,000   Northern Trust Corporation   4.0000 05/10/27   154,911
 
 

 

ARROW RESERVE CAPITAL MANAGEMENT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 61.6% (Continued)      
    INSTITUTIONAL FINANCIAL SERVICES — 4.6% (Continued)      
250,000   State Street Bank & Trust Company   4.5940 11/25/26 $ 250,856
62,000   State Street Corporation   5.2720 08/03/26   62,148
              2,336,285
    INSURANCE — 4.6%      
1,124,000   Allstate Corporation (The)   3.2800 12/15/26   1,118,789
513,000   Chubb INA Holdings, Inc.   3.3500 05/03/26   512,946
202,000   CNA Financial Corporation   3.4500 08/15/27   199,551
374,000   Principal Financial Group, Inc.   3.1000 11/15/26   371,857
137,000   Principal Life Global Funding II(b)   5.0000 01/16/27   137,765
              2,340,908
    LEISURE FACILITIES & SERVICES — 1.5%      
52,000   Marriott International, Inc.   3.1250 06/15/26   51,941
278,000   Marriott International, Inc.   5.4500 09/15/26   278,913
430,000   Marriott International, Inc.   4.2000 07/15/27   429,296
              760,150
    MACHINERY — 0.8%      
417,000   Eaton Corporation   3.8500 03/06/28   414,305
             
    MEDICAL EQUIPMENT & DEVICES — 2.9%      
1,038,000   Becton Dickinson and Company   3.7000 06/06/27   1,030,770
442,000   Stryker Corporation   4.5500 02/10/27   443,819
              1,474,589
    OIL & GAS PRODUCERS — 0.4%      
198,000   Chevron Corporation   2.9540 05/16/26   197,894
             
    REAL ESTATE INVESTMENT TRUSTS — 4.0%      
145,000   Prologis, L.P.   3.2500 10/01/26   144,546
77,000   Realty Income Corporation   4.8750 06/01/26   77,017
367,000   Realty Income Corporation   4.4500 09/15/26   367,089
85,000   Realty Income Corporation   4.1250 10/15/26   85,020
10,000   Realty Income Corporation   3.2000 01/15/27   9,932
332,000   Realty Income Corporation   3.9500 08/15/27   330,690
713,000   Tanger Properties, L.P.   3.1250 09/01/26   709,841
309,000   Tanger Properties, L.P.   3.8750 07/15/27   306,748
            2,030,883
 
 

 

ARROW RESERVE CAPITAL MANAGEMENT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 61.6% (Continued)      
    RETAIL - DISCRETIONARY — 1.0%      
498,000   Ross Stores, Inc.   4.7000 04/15/27 $  497,463
             
    SEMICONDUCTORS — 1.7%      
10,000   Broadcom, Inc.   3.4590 09/15/26   9,977
325,000   Intel Corporation   3.7500 03/25/27   323,806
537,000   Intel Corporation   3.1500 05/11/27   531,201
35,000   Intel Corporation   3.7500 08/05/27   34,719
              899,703
    SOFTWARE — 1.1%      
548,000   Oracle Corporation   2.6500 07/15/26   546,038
             
    SPECIALTY FINANCE — 4.1%      
485,000   American Express Company   3.3000 05/03/27   481,492
583,000   Capital One Financial Corporation   3.7500 07/28/26   582,309
148,000   Capital One Financial Corporation   3.6500 05/11/27   147,086
22,000   Capital One Financial Corporation   3.8000 01/31/28   21,760
66,000   Discover Financial Services   4.1000 02/09/27   65,948
332,000   Penske Truck Leasing Company Lp / PTL Finance(b)   5.7500 05/24/26   332,256
461,000   Synchrony Financial   3.7000 08/04/26   460,038
              2,090,889
    TECHNOLOGY SERVICES — 1.0%      
492,000   International Business Machines Corporation   3.3000 05/15/26   491,860
             
    TELECOMMUNICATIONS — 2.5%      
248,000   AT&T, Inc.   3.8000 02/15/27   247,367
515,000   AT&T, Inc.   4.2500 03/01/27   515,052
511,000   Verizon Communications, Inc.   4.1250 03/16/27   511,143
              1,273,562
    TRANSPORTATION & LOGISTICS — 1.3%      
688,000   Norfolk Southern Corporation   2.9000 06/15/26   686,930
             
    TOTAL CORPORATE BONDS (Cost $31,476,526)                                  31,453,596
                 
 
 

 

ARROW RESERVE CAPITAL MANAGEMENT ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)         Yield Rate (%) Maturity Fair Value
    U.S. GOVERNMENT & AGENCIES — 38.6%      
    U.S. TREASURY BILLS — 26.0%      
857,000   United States Treasury Bill(c)   3.3700 05/14/26 $ 855,893
21,000   United States Treasury Bill(c)   3.5400 06/02/26   20,933
576,000   United States Treasury Bill(c)   3.5500 06/04/26   574,046
8,542,000   United States Treasury Bill(c)   3.5600 06/09/26   8,508,801
2,121,000   United States Treasury Bill(c)   3.6200 06/23/26   2,109,709
739,000   United States Treasury Bill(c)   3.6100 07/16/26   733,415
471,000   United States Treasury Bill(c)   3.6300 07/23/26   467,102
              13,269,899
      Coupon Rate (%)    
    U.S. TREASURY NOTES — 12.6%      
250,000   United States Treasury Note   3.6250 05/15/26   249,988
1,020,000   United States Treasury Note   0.7500 05/31/26   1,017,351
1,598,000   United States Treasury Note   4.3750 07/31/26   1,600,691
2,000,000   United States Treasury Note   3.7500 08/31/26   2,000,134
510,000   United States Treasury Note   4.2500 11/30/26   511,547
1,031,000   United States Treasury Note   3.6250 08/31/27   1,028,060
              6,407,771
             
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $19,675,202)    

19,677,670

             
    TOTAL INVESTMENTS - 100.2% (Cost $51,151,728)     $ 51,131,266
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%    

(94,037)

    NET ASSETS - 100.0%        

$ 51,037,229

           

 

 

 

LP  - Limited Partnership
PLC  - Public Limited Company
REIT  - Real Estate Investment Trust
TSFR3M  - Term Secured Overnight Financing Rate (SOFR) 3 month
(a) Floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of April 30, 2026 the total market value of 144A securities is $623,079 or 1.2% of net assets.
(c) Zero coupon bond.