ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 45.0%      
    ASSET MANAGEMENT - 0.7%      
13,242   Alaris Equity Partners Income       $ 219,631
             
 
    BANKING - 4.9%      
82,441   Banco del Bajio S.A. 144A(a)         259,362
974,551   Bank Mandiri Persero Tbk P.T.         246,204
3,948   Bank Polska Kasa Opieki S.A.         246,403
1,357,835   Bank Rakyat Indonesia Persero Tbk P.T.         233,638
28,514   Grupo Financiero Banorte SAB de CV         310,665
4,746   Komercni banka as         252,602
             

1,548,874

    CHEMICALS - 0.7%      
17,937   Chemtrade Logistics Income Fund         225,404
             
 
    COMMERCIAL SUPPORT SERVICES - 0.9%      
11,010   Robert Half International, Inc.         292,976
             
 
    ELECTRIC UTILITIES - 0.0%(b)      
114,622,657   Federal Grid Company Unified Energy System PJSC(c) (e) (f)         –
             
 
    FOOD – 0.9%      
3,949   Cal-Maine Foods, Inc.         305,100
             
 
    GAS & WATER UTILITIES - 0.9%      
2,488,101   Perusahaan Gas Negara Tbk P.T.         277,776
             
 
    HEALTH CARE FACILITIES & SERVICES - 0.7%      
13,297   Chartwell Retirement Residences         210,852
             
 
    HEALTH CARE REIT - 2.7%      
12,978   Community Healthcare Trust, Inc.         223,481
6,232   Global Medical REIT, Inc.         218,556
169,712   Primary Health Properties plc         215,638
4,995   Universal Health Realty Income Trust         203,297
             

860,972

 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 45.0% (Continued)      
    HOTEL REIT - 2.7%      
18,906   Apple Hospitality REIT, Inc.       $ 254,664
239,347   CapitaLand Ascott Trust         168,285
19,592   Park Hotels & Resorts, Inc.         224,720
27,614   RLJ Lodging Trust         227,539
             

875,208

    INDUSTRIAL REIT - 1.4%      
293,660   Frasers Logistics & Commercial Trust         221,468
4,394   Innovative Industrial Properties, Inc.         238,375
             

459,843

    INSURANCE - 0.9%      
27,455   Phoenix Group Holdings PLC         282,364
             
 
    METALS & MINING - 4.8%      
1,848,008   Adaro Energy Tbk P.T.         267,997
1,546,424   Bukit Asam Tbk P.T.         255,409
19,168   Exxaro Resources Ltd.         252,936
164,192   Indo Tambangraya Megah Tbk P.T.         251,811
13,230   Kumba Iron Ore Ltd.         248,068
148,333   United Tractors Tbk P.T.         247,976
             

1,524,197

    MULTI ASSET CLASS REIT - 4.7%      
10,992   Broadstone Net Lease, Inc.         217,642
89,093   Charter Hall Long Wale REIT         224,513
3,148   Covivio         207,674
127,607   Fibra Uno Administracion S.A. de CV         218,876
17,146   Gladstone Commercial Corporation         216,211
22,356   Global Net Lease, Inc.         213,723
203,148   Growthpoint Properties Ltd.         199,306
             

1,497,945

    OFFICE REIT - 3.8%      
79,029   Brandywine Realty Trust         239,458
23,267   Douglas Emmett, Inc.         251,516
9,465   Easterly Government Properties, Inc.         221,576
10,126   Highwoods Properties, Inc.         246,163
             
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 45.0% (Continued)      
    OFFICE REIT - 3.8% (Continued)      
5,795   SL Green Realty Corporation       $ 245,766
             

1,204,479

    OIL & GAS PRODUCERS - 2.7%      
9,500   Antero Midstream Corporation         207,670
5,296   Hess Midstream, L.P., Class A         207,074
14,493   Kimbell Royalty Partners, L.P.         223,192
4,573   Kinetik Holdings, Inc.         231,119
             

869,055

    PUBLISHING & BROADCASTING - 0.8%      
16,998,854   Surya Citra Media Tbk P.T.         244,560
             
 
    REAL ESTATE OWNERS & DEVELOPERS - 0.7%      
25,759   NEPI Rockcastle N.V.         217,940
             
 
    RESIDENTIAL REIT - 0.8%      
8,755   NexPoint Residential Trust, Inc.         252,932
             
 
    RETAIL - DISCRETIONARY - 2.3%      
721,247   Astra International Tbk P.T.         247,997
54,234   Dogus Otomotiv Servis ve Ticaret A/S         216,648
84,566   Truworths International Ltd.         262,703
             

727,348

    RETAIL REIT - 2.8%      
27,160   Land Securities Group plc         218,365
485,107   Lendlease Global Commercial REIT         217,224
10,918   SmartCentres Real Estate Investment Trust         226,738
195,175   Supermarket Income Reit plc         222,236
             

884,563

    SPECIALTY REIT - 0.7%      
4,062   EPR Properties         226,700
             
 
    STEEL - 0.9%      
14,212   Severstal PAO(c) (e) (f)         –
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Shares             Fair Value
    COMMON STOCKS — 45.0% (Continued)      
    STEEL - 0.9% (Continued)      
6,514   Ternium S.A. - ADR       $ 286,160
             

286,160

    TECHNOLOGY SERVICES - 1.7%      
4,152   Teleperformance         280,439
29,343   Western Union Company (The)         266,728
             

547,167

    TELECOMMUNICATIONS - 0.9%      
22,168   TELUS Corporation         277,765
             
 
    TRANSPORTATION & LOGISTICS - 0.0%(b)      
36,615   Globaltrans Investment plc(c) (e) (f)         –
             
 
    TOTAL COMMON STOCKS (Cost $13,458,163)    

  14,319,811

               
    MASTER LIMITED PARTNERSHIPS — 15.5%      
    ASSET MANAGEMENT - 0.7%      
26,659   Icahn Enterprises, L.P.         220,470
             
 
    CHEMICALS - 1.4%      
1,815   CVR Partners, L.P.         233,790
9,084   Westlake Chemical Partners, L.P.         209,386
             

443,176

    ELECTRIC UTILITIES - 1.2%      
5,472   Brookfield Infrastructure Partners, L.P.         196,059
6,117   Brookfield Renewable Partners, L.P.         201,877
             

397,936

    GAS & WATER UTILITIES - 0.7%      
10,442   Suburban Propane Partners, L.P.         209,884
             
 
    METALS & MINING - 0.7%      
7,951   Alliance Resource Partners, L.P.         211,576
             
 
    OIL & GAS PRODUCERS - 10.2%      
14,564   Black Stone Minerals, L.P.       208,556
3,382   Cheniere Energy Partners, L.P.         226,663
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Shares           Fair Value
    MASTER LIMITED PARTNERSHIPS — 15.5% (Continued)        
    OIL & GAS PRODUCERS - 10.2% (Continued0        
4,245   Delek Logistics Partners, L.P.        $ 225,537
7,430   Dorchester Minerals, L.P.         207,891
10,866   Energy Transfer, L.P.         219,385
5,592   Enterprise Products Partners, L.P.         216,410
11,637   Genesis Energy, L.P.         202,367
4,410   Global Partners, L.P.         212,738
16,730   Mach Natural Resources, L.P.         230,875
3,716   MPLX, L.P.         209,099
9,618   Plains All American Pipeline, L.P.         221,406
8,867   Plains GP Holdings, L.P., Class A         216,798
3,159   Sunoco, L.P.         220,024
16,961   TXO Partners, L.P.         210,825
5,084   Western Midstream Partners, L.P.         221,053
             

3,249,627

    OIL & GAS SERVICES & EQUIPMENT - 0.6%      
7,359   USA Compression Partners, L.P.         202,152
             
 
    TOTAL MASTER LIMITED PARTNERSHIPS (Cost $3,505,564)    

  4,934,821

               
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 16.0%      
    ASSET MANAGEMENT — 0.5%      
177,000   Icahn Enterprises, L.P. / Icahn Enterprises   9.0000 06/15/30   169,965
             
    BIOTECH & PHARMA — 0.8%      
228,000   Organon & Company / Organon Foreign Debt Co-Issuer   7.8750 05/15/34   245,242
             
    CABLE & SATELLITE — 0.5%      
161,000   Directv Financing, LLC / Directv Financing   10.0000 02/15/31   168,060
             
    CHEMICALS — 0.4%      
214,000   FMC Corporation(d) H15T5Y + 4.366% 8.4500 11/01/55 140,958
             
    COMMERCIAL SUPPORT SERVICES — 0.6%      
177,000   RR Donnelley & Sons Company   9.5000 08/01/29   182,792
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
             
Principal Amount ($)     Spread Coupon Rate (%) Maturity Fair Value
  CORPORATE BONDS — 16.0% (Continued)          
    ELECTRIC UTILITIES — 0.6%      
193,000   AES Corporation (The)(d) H15T5Y + 2.890% 6.9500 07/15/55 $  188,357
             
    ENTERTAINMENT CONTENT — 0.6%      
260,000   Paramount Global   5.8500 09/01/43   191,075
             
    FORESTRY, PAPER & WOOD PRODUCTS — 1.3%      
277,000   Domtar Corporation   6.7500 10/01/28   219,062
195,000   Magnera Corporation   7.2500 11/15/31   182,768
              401,830
    INSURANCE — 1.2%      
200,000   APH Somerset Investor 2, LLC / APH2 Somerset   7.8750 11/01/29   193,778
187,000   Global Atlantic Fin Company(d) H15T5Y + 3.608% 7.9500 10/15/54   187,990
              381,768
    INTERNET MEDIA & SERVICES — 0.5%      
186,000   Getty Images, Inc.   11.2500 02/21/30   166,586
             
    LEISURE FACILITIES & SERVICES — 0.5%      
189,000   Resorts World Las Vegas, LLC / RWLV Capital, Inc.   4.6250 04/16/29   168,952
             
    MEDICAL EQUIPMENT & DEVICES — 0.6%      
175,000   DENTSPLY SIRONA, Inc.(d) H15T5Y + 4.379% 8.3750 09/12/55   176,031
             
    OIL & GAS SERVICES & EQUIPMENT — 0.6%      
171,000   Nabors Industries, Inc.   7.6250 11/15/32   178,411
             
    REAL ESTATE INVESTMENT TRUSTS — 0.6%      
211,000   Hudson Pacific Properties, L.P.   4.6500 04/01/29   188,922
             
    RETAIL - DISCRETIONARY — 1.1%      
160,000   Hertz Corporation (The)   12.6250 07/15/29 150,921
240,000   Kohl's Corporation   5.1250 05/01/31   195,888
              346,809
    SOFTWARE — 1.1%      
190,000   Cloud Software Group, Inc.   8.2500 06/30/32   180,397
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
           
Principal Amount ($)       Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 16.0% (Continued)        
    SOFTWARE — 1.1% (Continued)        
188,000   CoreWeave, Inc.   9.0000 02/01/31 $  186,655
            367,052
    SPECIALTY FINANCE — 2.3%      
192,000   Arbor Realty SR, Inc.   7.8750 07/15/30   181,475
200,000   Burford Capital Global Finance, LLC   9.2500 07/01/31   186,206
192,000   Freedom Mortgage Holdings, LLC   7.8750 04/01/33   187,247
177,000   Navient Corporation   11.5000 03/15/31   190,128
            745,056
    TELECOMMUNICATIONS — 1.2%      
206,000   Cogent Communications Group, LLC / Cogent Finance,   6.5000 07/01/32   191,303
201,000   Vmed O2 UK Financing I plc   6.7500 01/15/33   183,930
            375,233
    TRANSPORTATION & LOGISTICS — 1.0%      
169,000   JetBlue Airways Corp / JetBlue Loyalty, L.P.   9.8750 09/20/31   156,681
177,000   Star Leasing Company, LLC   7.6250 02/15/30   171,446
            328,127
           
  TOTAL CORPORATE BONDS (Cost $5,070,346)    

5,111,226

           
    NON U.S. GOVERNMENT & AGENCIES — 16.8%      
    SOVEREIGN — 16.8%      
168,000   Brazilian Government International Bond   6.1250 03/15/34   170,520
164,000   Brazilian Government International Bond   6.6250 03/15/35   169,879
186,000   Brazilian Government International Bond   5.6250 01/07/41   173,919
200,000   Chile Government International Bond   5.3300 01/05/54   191,585
192,000   Colombia Government International Bond   3.0000 01/30/30   174,384
204,000   Colombia Government International Bond   3.1250 04/15/31   177,745
160,000   Colombia Government International Bond   7.5000 02/02/34   167,760
160,000   Colombia Government International Bond   8.0000 11/14/35 173,760
156,000   Colombia Government International Bond   8.7500 11/14/53   177,567
200,000   Hungary Government International Bond   5.5000 06/16/34   203,364
200,000   Hungary Government International Bond   5.5000 03/26/36   200,671
200,000   Hungary Government International Bond   6.7500 09/25/52   216,278
205,000   Mexico Government International Bond   3.5000 02/12/34   175,788
165,000   Mexico Government International Bond   6.3500 02/09/35   170,445
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    NON U.S. GOVERNMENT & AGENCIES — 16.8% (Continued)      
    SOVEREIGN — 16.8% (Continued)      
232,000   Mexico Government International Bond   4.6000 02/10/48 $  177,364
150,000   Panama Government International Bond   3.2980 01/19/33   134,430
174,000   Panama Government International Bond   6.4000 02/14/35   186,006
175,000   Panama Government International Bond   6.8530 03/28/54   189,131
170,000   Perusahaan Penerbit SBSN Indonesia III   5.6500 11/25/54   166,388
270,000   Peruvian Government International Bond   3.6000 01/15/72   169,702
182,000   Republic of Poland Government International Bond   5.5000 03/18/54   170,254
166,000   Republic of South Africa Government International   5.8750 06/22/30   169,355
172,000   Republic of South Africa Government International   5.8750 04/20/32   174,768
200,000   Republic of South Africa Government International   7.1000 11/19/36   209,546
181,000   Republic of South Africa Government International   7.3000 04/20/52   174,127
148,000   Turkey Government International Bond   9.1250 07/13/30   163,980
141,000   Turkey Government International Bond   9.3750 01/19/33   159,989
240,000   Turkey Government International Bond   5.2500 03/13/30   232,541
175,000   Turkey Government International Bond   6.5000 01/03/35   169,147
180,000   Turkey Government International Bond   6.6250 02/17/45   158,687
  TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $5,181,350)    

5,349,080

             
    TOTAL INVESTMENTS - 93.3% (Cost $27,215,423)     $ 29,714,938
    OTHER ASSETS IN EXCESS OF LIABILITIES - 6.7%    

2,133,533

    NET ASSETS - 100.0%        

$ 31,848,471

 

 

 

 

ADR  - American Depositary Receipt
A/S  - Anonim Sirketi
LLC  - Limited Liability Company
LP  - Limited Partnership
LTD  - Limited Company
NV  - Naamioze Vennootschap
PJSC  - Public Joint-Stock Company
PLC  - Public Limited Company
PT  - Perseroan Terbatas
REIT  - Real Estate Investment Trust
S/A  - Société Anonyme
SA de CV  - Sociedad Anonima de Capital Variable
H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
(a) 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 $259,362 or 0.8% of net assets.
(b) Percentage rounds to less than 0.1%.
(c) Non-income producing security.
(d) Variable rate security; the rate shown represents the rate on April 30, 2026.
(e) Illiquid security.  The total fair value of these securities as of January 31, 2026 was $0, representing 0.0% of net assets.
(f) The fair value of this investment is determined using significant unobservable inputs.

 

 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2026
               
Diversification of Assets
Country         % of Net Assets
United States         47.5%
Indonesia         7.7%
South Africa         5.3%
Mexico         4.1%
Canada         3.6%
United Kingdom         3.5%
Turkey         3.5%
Colombia         2.7%
Hungary         2.0%
Singapore         1.9%
Brazil         1.6%
Panama         1.6%
Luxembourg         1.6%
France         1.5%
Poland         1.3%
Bermuda         1.3%
Czech Republic         0.8%
Australia         0.7%
Chile         0.6%
Peru         0.5%
Cyprus+         0.0%
Russian Federation+         0.0%
Total         93.3%
Other Assets Less Liabilities - Net         6.7%
Grand Total         100.0%
 

 

 

 

 

 

 

+ Percentage rounds to less than 0.1%.