Arrow Investments Trust NPORT-P Arrow Reverse Cap 500 ETF (Apr 2022 report)

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9%
		ADVERTISING & MARKETING - 0.6%
	2,026	Interpublic Group of Companies, Inc.	$	66,088
	715	Omnicom Group, Inc.		54,433
				120,521
		AEROSPACE & DEFENSE - 1.9%
	48	Boeing Company(a)		7,144
	58	General Dynamics Corporation		13,719
	1,815	Howmet Aerospace, Inc.		61,928
	515	Huntington Ingalls Industries, Inc.		109,561
	71	L3Harris Technologies, Inc.		16,490
	16	Lockheed Martin Corporation		6,914
	29	Northrop Grumman Corporation		12,743
	62	Raytheon Technologies Corporation		5,884
	105	Teledyne Technologies, Inc.(a)		45,313
	823	Textron, Inc.		56,993
	40	TransDigm Group, Inc.(a)		23,792
				360,481
		APPAREL & TEXTILE PRODUCTS - 5.5%
	46	NIKE, Inc., Class B		5,736
	2,357	PVH Corporation		171,542
	1,621	Ralph Lauren Corporation		169,135
	2,789	Tapestry, Inc.		91,814
	19,462	Under Armour, Inc., Class A(a)		298,936
	17,511	Under Armour, Inc., Class C(a)		248,481
	780	VF Corporation		40,560
				1,026,204
		ASSET MANAGEMENT - 1.3%
	106	Ameriprise Financial, Inc.		28,142
	13	BlackRock, Inc.		8,121
	80	Charles Schwab Corporation (The)		5,306
	2,336	Franklin Resources, Inc.		57,442
	4,700	Invesco Ltd.		86,387
	453	Raymond James Financial, Inc.		44,149
	204	T Rowe Price Group, Inc.		25,100
				254,647

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		AUTOMOTIVE - 0.8%
	284	Aptiv plc(a)	$	30,218
	2,753	BorgWarner, Inc.		101,392
	862	Ford Motor Company		12,206
	345	General Motors Company(a)		13,079
	2	Tesla, Inc.(a)		1,742
				158,637
		BANKING - 3.1%
	79	Bank of America Corporation		2,819
	151	Citigroup, Inc.		7,280
	930	Citizens Financial Group, Inc.		36,642
	857	Comerica, Inc.		70,188
	658	Fifth Third Bancorp		24,695
	189	First Republic Bank		28,203
	2,797	Huntington Bancshares, Inc.		36,781
	12	JPMorgan Chase & Company		1,432
	1,784	KeyCorporation		34,449
	775	M&T Bank Corporation		129,145
	63	PNC Financial Services Group, Inc. (The)		10,464
	1,926	Regions Financial Corporation		39,907
	165	Signature Bank		39,971
	53	SVB Financial Group(a)		25,845
	199	Truist Financial Corporation		9,622
	216	US Bancorp		10,489
	106	Wells Fargo & Company		4,625
	1,391	Zions Bancorp		78,605
				591,162
		BEVERAGES - 1.0%
	718	Brown-Forman Corporation, Class B		48,422
	70	Coca-Cola Company (The)		4,523
	117	Constellation Brands, Inc., Class A		28,793
	1,595	Molson Coors Beverage Company, Class B		86,352
	306	Monster Beverage Corporation(a)		26,218
	29	PepsiCo, Inc.		4,980
				199,288

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		BIOTECH & PHARMA - 1.8%
	21	AbbVie, Inc.	$	3,084
	32	Amgen, Inc.		7,462
	152	Biogen, Inc.(a)		31,531
	78	Bristol-Myers Squibb Company		5,871
	13	Eli Lilly & Company		3,798
	207	Gilead Sciences, Inc.		12,283
	722	Incyte Corporation(a)		54,121
	7	Johnson & Johnson		1,263
	55	Merck & Company, Inc.		4,878
	112	Moderna, Inc.(a)		15,054
	2,691	Organon & Company		87,000
	74	Pfizer, Inc.		3,631
	19	Regeneron Pharmaceuticals, Inc.(a)		12,523
	62	Vertex Pharmaceuticals, Inc.(a)		16,940
	7,161	Viatris, Inc.		73,973
	54	Zoetis, Inc.		9,572
				342,984
		CABLE & SATELLITE - 0.6%
	16	Charter Communications, Inc., Class A(a)		6,856
	96	Comcast Corporation, Class A		3,817
	3,321	DISH Network Corporation, Class A(a)		94,682
				105,355
		CHEMICALS - 3.2%
	82	Air Products and Chemicals, Inc.		19,194
	218	Albemarle Corporation		42,037
	398	Avery Dennison Corporation		71,880
	424	Celanese Corporation		62,303
	443	CF Industries Holdings, Inc.		42,896
	415	Corteva, Inc.		23,941
	320	Dow, Inc.		21,280
	324	DuPont de Nemours, Inc.		21,361
	609	Eastman Chemical Company		62,526
	121	Ecolab, Inc.		20,490
	451	FMC Corporation		59,776

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		CHEMICALS - 3.2% (Continued)
	244	International Flavors & Fragrances, Inc.	$	29,597
	18	Linde PLC		5,615
	246	LyondellBasell Industries N.V., Class A		26,083
	615	Mosaic Company (The)		38,388
	253	PPG Industries, Inc.		32,381
	61	Sherwin-Williams Company		16,773
				596,521
		COMMERCIAL SUPPORT SERVICES - 1.0%
	62	Cintas Corporation		24,630
	171	Republic Services, Inc.		22,960
	671	Robert Half International, Inc.		65,966
	1,708	Rollins, Inc.		57,286
	90	Waste Management, Inc.		14,800
				185,642
		CONSTRUCTION MATERIALS - 0.4%
	101	Martin Marietta Materials, Inc.		35,776
	214	Vulcan Materials Company		36,870
				72,646
		CONTAINERS & PACKAGING - 2.0%
	4,868	Amcor PLC		57,734
	356	Ball Corporation		28,893
	1,230	International Paper Company		56,924
	408	Packaging Corporation of America		65,757
	1,400	Sealed Air Corporation		89,895
	1,757	Westrock Company		87,024
				386,227
		DATA CENTER REIT - 0.2%
	166	Digital Realty Trust, Inc.		24,256
	20	Equinix, Inc.		14,382
				38,638
		DIVERSIFIED INDUSTRIALS - 1.0%
	76	3M Company		10,961
	266	Dover Corporation		35,458
	101	Eaton Corporation PLC		14,647

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		DIVERSIFIED INDUSTRIALS - 1.0% (Continued)
	169	Emerson Electric Company	$	15,240
	93	General Electric Company		6,933
	38	Honeywell International, Inc.		7,353
	67	Illinois Tool Works, Inc.		13,206
	1,818	Pentair PLC		92,264
				196,062
		E-COMMERCE DISCRETIONARY - 0.4%
	555	eBay, Inc.		28,816
	465	Etsy, Inc.(a)		43,333
				72,149
		ELECTRIC UTILITIES - 5.4%
	2,646	AES Corporation (The)		54,031
	962	Alliant Energy Corporation		56,575
	442	Ameren Corporation		41,062
	190	American Electric Power Company, Inc.		18,831
	1,712	CenterPoint Energy, Inc.		52,404
	691	CMS Energy Corporation		47,465
	309	Consolidated Edison, Inc.		28,657
	1,098	Constellation Energy Corporation		65,013
	159	Dominion Energy, Inc.		12,981
	279	DTE Energy Company		36,560
	104	Duke Energy Corporation		11,457
	548	Edison International		37,697
	367	Entergy Corporation		43,618
	918	Evergy, Inc.		62,286
	361	Eversource Energy		31,551
	469	Exelon Corporation		21,940
	792	FirstEnergy Corporation		34,302
	64	NextEra Energy, Inc.		4,545
	2,409	NRG Energy, Inc.		86,483
	1,421	Pinnacle West Capital Corporation		101,175
	1,685	PPL Corporation		47,702
	399	Public Service Enterprise Group, Inc.		27,794
	115	Sempra Energy		18,556

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		ELECTRIC UTILITIES - 5.4% (Continued)
	174	Southern Company (The)	$	12,770
	314	WEC Energy Group, Inc.		31,416
	327	Xcel Energy, Inc.		23,956
				1,010,827
		ELECTRICAL EQUIPMENT - 2.9%
	1,534	A O Smith Corporation		89,633
	783	Allegion plc		89,450
	237	AMETEK, Inc.		29,924
	268	Amphenol Corporation, Class A		19,162
	545	Carrier Global Corporation		20,857
	766	Fortive Corporation		44,045
	174	Generac Holdings, Inc.(a)		38,172
	337	Johnson Controls International plc		20,176
	223	Keysight Technologies, Inc.(a)		31,280
	390	Otis Worldwide Corporation		28,408
	114	Rockwell Automation, Inc.		28,804
	44	Roper Technologies, Inc.		20,676
	166	TE Connectivity Ltd.		20,713
	169	Trane Technologies PLC		23,641
	808	Trimble, Inc.(a)		53,894
				558,835
		ENGINEERING & CONSTRUCTION - 0.6%
	430	Jacobs Engineering Group, Inc.		59,576
	402	Quanta Services, Inc.		46,624
				106,200
		ENTERTAINMENT CONTENT - 2.7%
	174	Activision Blizzard, Inc.		13,154
	207	Electronic Arts, Inc.		24,436
	1,786	Fox Corporation, Class A		64,010
	2,696	Fox Corporation - Class B, CLASS B		89,615
	1,342	Paramount Global, Class B		39,079
	321	Take-Two Interactive Software, Inc.(a)		38,363
	28	Walt Disney Company (The)(a)		3,126

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		ENTERTAINMENT CONTENT - 2.7% (Continued)
	13,547	Warner Bros Discovery, Inc.(a)	$	245,877
				517,660
		FOOD - 3.3%
	1,627	Campbell Soup Company		76,827
	1,999	Conagra Brands, Inc.		69,825
	374	General Mills, Inc.		26,453
	144	Hershey Company (The)		32,511
	633	Hormel Foods Corporation		33,163
	486	J M Smucker Company		66,548
	713	Kellogg Company		48,841
	513	Kraft Heinz Company (The)		21,869
	2,385	Lamb Weston Holdings, Inc.		157,649
	375	McCormick & Company, Inc.		37,714
	180	Mondelez International, Inc., Class A		11,606
	390	Tyson Foods, Inc., Class A		36,332
				619,338
		GAS & WATER UTILITIES - 0.8%
	207	American Water Works Company, Inc.		31,895
	498	Atmos Energy Corporation		56,473
	2,502	NiSource, Inc.		72,858
				161,226
		HEALTH CARE FACILITIES & SERVICES - 3.5%
	200	AmerisourceBergen Corporation		30,258
	16	Anthem, Inc.		8,031
	1,134	Cardinal Health, Inc.		65,829
	524	Catalent, Inc.(a)		47,453
	214	Centene Corporation(a)		17,238
	255	Charles River Laboratories International, Inc.(a)		61,585
	55	Cigna Corporation		13,573
	62	CVS Health Corporation		5,960
	748	DaVita, Inc.(a)		81,061
	39	HCA Healthcare, Inc.		8,367
	887	Henry Schein, Inc.(a)		71,936
	37	Humana, Inc.		16,449

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 3.5% (Continued)
	100	IQVIA Holdings, Inc.(a)	$	21,799
	133	Laboratory Corp of America Holdings(a)		31,957
	73	McKesson Corporation		22,602
	152	Molina Healthcare, Inc.(a)		47,644
	394	Quest Diagnostics, Inc.		52,733
	4	UnitedHealth Group, Inc.		2,034
	527	Universal Health Services, Inc., Class B		64,573
				671,082
		HEALTH CARE REIT - 0.6%
	1,538	Healthpeak Properties, Inc.		50,462
	640	Ventas, Inc.		35,552
	241	Welltower, Inc.		21,885
				107,899
		HOME & OFFICE PRODUCTS - 0.9%
	4,395	Newell Brands, Inc.		101,744
	429	Whirlpool Corporation		77,872
				179,616
		HOME CONSTRUCTION - 2.2%
	375	DR Horton, Inc.		26,096
	912	Fortune Brands Home & Security, Inc.		64,980
	444	Lennar Corporation, Class A		33,962
	1,257	Masco Corporation		66,231
	744	Mohawk Industries, Inc.(a)		104,949
	11	NVR, Inc.(a)		48,138
	1,630	PulteGroup, Inc.		68,069
				412,425
		HOTEL REITS - 0.4%
	3,760	Host Hotels & Resorts, Inc.		76,516
		HOUSEHOLD PRODUCTS - 0.8%
	398	Church & Dwight Company, Inc.		38,829
	419	Clorox Company (The)		60,114
	179	Colgate-Palmolive Company		13,792
	54	Estee Lauder Companies, Inc. (The), Class A		14,259

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		HOUSEHOLD PRODUCTS - 0.8% (Continued)
	187	Kimberly-Clark Corporation	$	25,961
	18	Procter & Gamble Company (The)		2,890
				155,845
		INDUSTRIAL REIT - 0.2%
	795	Duke Realty Corporation		43,526
	54	Prologis, Inc.		8,656
				52,182
		INDUSTRIAL SUPPORT SERVICES - 0.5%
	517	Fastenal Company		28,595
	116	United Rentals, Inc.(a)		36,716
	75	WW Grainger, Inc.		37,503
				102,814
		INFRASTRUCTURE REIT - 0.2%
	34	American Tower Corporation, A		8,195
	67	Crown Castle International Corporation		12,409
	78	SBA Communications Corporation		27,075
				47,679
		INSTITUTIONAL FINANCIAL SERVICES - 1.1%
	433	Bank of New York Mellon Corporation (The)		18,212
	628	Cboe Global Markets, Inc.		70,951
	48	CME Group, Inc.		10,528
	24	Goldman Sachs Group, Inc. (The)		7,332
	97	Intercontinental Exchange, Inc.		11,234
	69	Morgan Stanley		5,561
	192	Nasdaq, Inc.		30,215
	378	Northern Trust Corporation		38,953
	351	State Street Corporation		23,506
				216,492
		INSURANCE - 4.8%
	371	Aflac, Inc.		21,251
	204	Allstate Corporation (The)		25,814
	324	American International Group, Inc.		18,957
	48	Aon PLC, CLASS A		13,824
	176	Arthur J Gallagher & Company		29,654

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		INSURANCE - 4.8% (Continued)
	529	Assurant, Inc.	$	96,214
	3	Berkshire Hathaway, Inc., Class B(a)		968
	787	Brown & Brown, Inc.		48,778
	50	Chubb Ltd.		10,323
	365	Cincinnati Financial Corporation		44,771
	301	Everest Re Group Ltd.		82,688
	921	Globe Life, Inc.		90,332
	581	Hartford Financial Services Group, Inc. (The)		40,629
	1,337	Lincoln National Corporation		80,421
	946	Loews Corporation		59,447
	72	Marsh & McLennan Companies, Inc.		11,642
	257	MetLife, Inc.		16,880
	786	Principal Financial Group, Inc.		53,558
	134	Progressive Corporation (The)		14,386
	209	Prudential Financial, Inc.		22,679
	120	Travelers Companies, Inc. (The)		20,527
	832	W R Berkley Corporation		55,320
	146	Willis Towers Watson plc		31,370
				890,433
		INTERNET MEDIA & SERVICES - 0.8%
	5	Booking Holdings, Inc.(a)		11,052
	180	Expedia Group, Inc.(a)		31,455
	392	Match Group, Inc.(a)		31,027
	11	Meta Platforms, Inc., Class A(a)		2,205
	17	Netflix, Inc.(a)		3,236
	993	Twitter, Inc.(a)		48,676
	188	VeriSign, Inc.(a)		33,594
				161,245
		LEISURE FACILITIES & SERVICES - 4.3%
	727	Caesars Entertainment, Inc.(a)		48,186
	2,973	Carnival Corporation(a)		51,433
	14	Chipotle Mexican Grill, Inc.(a)		20,379
	411	Darden Restaurants, Inc.		54,141
	160	Domino’s Pizza, Inc.		54,080

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		LEISURE FACILITIES & SERVICES - 4.3% (Continued)
	156	Hilton Worldwide Holdings, Inc.(a)	$	24,225
	862	Las Vegas Sands Corporation(a)		30,541
	333	Live Nation Entertainment, Inc.(a)		34,925
	102	Marriott International, Inc., Class A(a)		18,107
	22	McDonald’s Corporation		5,482
	1,194	MGM Resorts International		49,002
	6,797	Norwegian Cruise Line Holdings Ltd.(a)		136,143
	2,822	Penn National Gaming, Inc.(a)		103,200
	728	Royal Caribbean Cruises Ltd.(a)		56,587
	110	Starbucks Corporation		8,210
	1,437	Wynn Resorts Ltd.(a)		101,280
	223	Yum! Brands, Inc.		26,093
				822,014
		LEISURE PRODUCTS - 0.4%
	844	Hasbro, Inc.		74,323
		MACHINERY - 2.0%
	34	Caterpillar, Inc.		7,158
	19	Deere & Company		7,173
	318	IDEX Corporation		60,363
	941	Ingersoll Rand, Inc.		41,366
	323	Nordson Corporation		69,668
	92	Parker-Hannifin Corporation		24,915
	386	Snap-on, Inc.		82,022
	249	Stanley Black & Decker, Inc.		29,917
	689	Xylem, Inc.		55,465
				378,047
		MEDICAL EQUIPMENT & DEVICES - 4.4%
	37	Abbott Laboratories		4,200
	232	ABIOMED, Inc.(a)		66,486
	171	Agilent Technologies, Inc.		20,395
	69	Align Technology, Inc.(a)		20,004
	294	Baxter International, Inc.		20,892
	48	Becton Dickinson and Company		11,865

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 4.4% (Continued)
	125	Bio-Rad Laboratories, Inc., Class A(a)	$	64,008
	138	Bio-Techne Corporation		52,397
	350	Boston Scientific Corporation(a)		14,739
	122	Cooper Companies, Inc.		44,047
	18	Danaher Corporation		4,520
	1,680	DENTSPLY SIRONA, Inc.		67,182
	58	DexCom, Inc.(a)		23,698
	130	Edwards Lifesciences Corporation(a)		13,751
	9	Embecta Corporation(a)		274
	715	Hologic, Inc.(a)		51,473
	41	IDEXX Laboratories, Inc.(a)		17,650
	60	Illumina, Inc.(a)1		17,799
	33	Intuitive Surgical, Inc.(a)1		7,897
	60	Medtronic PLC		6,262
	22	Mettler-Toledo International, Inc.(a)		28,106
	250	PerkinElmer, Inc.		36,653
	105	ResMed, Inc.		20,997
	182	Steris PLC		40,777
	37	Stryker Corporation		8,927
	165	Teleflex, Inc.		47,127
	7	Thermo Fisher Scientific, Inc.		3,870
	145	Waters Corporation(a)		43,938
	89	West Pharmaceutical Services, Inc.		28,040
	295	Zimmer Biomet Holdings, Inc.		35,621
	38	Zimvie, Inc.(a)		855
				824,450
		METALS & MINING - 0.1%
	269	Freeport-McMoRan, Inc.		10,908
	185	Newmont Corporation		13,477
				24,385

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		MULTI ASSET CLASS REIT - 0.5%
	2,134	Vornado Realty Trust	$	82,607
		OFFICE REIT - 0.3%
	153	Alexandria Real Estate Equities, Inc.		27,870
	367	Boston Properties, Inc.		43,159
	51	Orion Office REIT, Inc.		684
				71,713
		OIL & GAS PRODUCERS - 2.4%
	1,575	APA Corporation		64,465
	15	Chevron Corporation		2,350
	69	ConocoPhillips		6,591
	1,635	Coterra Energy, Inc.		47,072
	375	Devon Energy Corporation		21,814
	286	Diamondback Energy, Inc.		36,102
	111	EOG Resources, Inc.		12,960
	28	Exxon Mobil Corporation		2,387
	315	Hess Corporation		32,467
	1,174	Kinder Morgan, Inc.		21,308
	2,090	Marathon Oil Corporation		52,083
	246	Marathon Petroleum Corporation		21,466
	278	Occidental Petroleum Corporation		15,315
	449	ONEOK, Inc.		28,435
	287	Phillips 66		24,900
	66	Pioneer Natural Resources Company		15,343
	254	Valero Energy Corporation		28,316
	705	Williams Companies, Inc. (The)		24,174
				457,548
		OIL & GAS SERVICES & EQUIPMENT - 0.3%
	649	Baker Hughes Company		20,132
	698	Halliburton Company		24,863
	338	Schlumberger N.V.		13,185
				58,180
		PUBLISHING & BROADCASTING - 1.5%
	5,064	News Corporation, Class A		100,571

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		PUBLISHING & BROADCASTING - 1.5% (Continued)
	9,561	News Corporation, Class B	$	190,360
				290,931
		REAL ESTATE SERVICES - 0.1%
	340	CBRE Group, Inc., Class A(a)		28,234
		RENEWABLE ENERGY - 0.4%
	222	Enphase Energy, Inc.(a)		35,831
	164	SolarEdge Technologies, Inc.(a)		41,067
				76,898
		RESIDENTIAL REIT - 0.8%
	107	AvalonBay Communities, Inc.		24,340
	308	Equity Residential		25,102
	118	Essex Property Trust, Inc.		38,854
	175	Mid-America Apartment Communities, Inc.		34,419
	856	UDR, Inc.		45,548
				168,263
		RETAIL - CONSUMER STAPLES - 0.6%
	7	Costco Wholesale Corporation		3,722
	89	Dollar General Corporation		21,140
	178	Dollar Tree, Inc.(a)		28,916
	380	Kroger Company (The)		20,505
	42	Target Corporation		9,603
	450	Walgreens Boots Alliance, Inc.		19,080
	15	Walmart, Inc.		2,295
				105,261
		RETAIL - DISCRETIONARY - 2.4%
	336	Advance Auto Parts, Inc.		67,076
	12	AutoZone, Inc.(a)		23,466
	1,541	Bath & Body Works, Inc.		81,502
	405	Best Buy Company, Inc.		36,422
	548	CarMax, Inc.(a)		47,007
	413	Genuine Parts Company		53,711
	8	Home Depot, Inc. (The)		2,403
	23	Lowe’s Companies, Inc.		4,548

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		RETAIL - DISCRETIONARY - 2.4% (Continued)
	29	O’Reilly Automotive, Inc.(a)	$	17,590
	321	Ross Stores, Inc.		32,026
	195	TJX Companies, Inc. (The)		11,950
	149	Tractor Supply Company		30,016
	116	Ulta Beauty, Inc.(a)		46,029
				453,746
		RETAIL REIT - 1.6%
	793	Federal Realty Investment Trust		92,829
	2,516	Kimco Realty Corporation		63,730
	361	Realty Income Corporation		25,039
	1,139	Regency Centers Corporation		78,397
	158	Simon Property Group, Inc.		18,644
				278,639
		SELF-STORAGE REIT - 0.3%
	171	Extra Space Storage, Inc.		32,490
	37	Public Storage		13,746
				46,236
		SEMICONDUCTORS - 2.3%
	49	Advanced Micro Devices, Inc.(a)		4,190
	75	Analog Devices, Inc.		11,579
	63	Applied Materials, Inc.		6,952
	6	Broadcom, Inc.		3,326
	102	Intel Corporation		4,446
	1,330	IPG Photonics Corporation(a)		125,658
	55	KLA Corporation		17,559
	27	Lam Research Corporation		12,576
	327	Microchip Technology, Inc.		21,320
	147	Micron Technology, Inc.		10,024
	120	Monolithic Power Systems, Inc.		47,069
	8	NVIDIA Corporation		1,484
	103	NXP Semiconductors N.V.		17,603
	525	Qorvo, Inc.(a)		59,735
	28	QUALCOMM, Inc.		3,911
	327	Skyworks Solutions, Inc.		37,049

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		SEMICONDUCTORS - 2.3% (Continued)
	465	Teradyne, Inc.	$	49,039
	33	Texas Instruments, Inc.		5,618
				439,138
		SOFTWARE - 3.2%
	11	Adobe, Inc.(a)		4,355
	455	Akamai Technologies, Inc.(a)		51,087
	116	ANSYS, Inc.(a)		31,980
	107	Autodesk, Inc.(a)		20,253
	150	Cadence Design Systems, Inc.(a)		22,628
	1,517	Ceridian HCM Holding, Inc.(a)		85,148
	340	Cerner Corporation		31,838
	686	Citrix Systems, Inc.		68,669
	68	Fortinet, Inc.(a)		19,653
	14	Intuit, Inc.		5,863
	3	Microsoft Corporation		833
	1,976	NortonLifeLock, Inc.		49,479
	55	Oracle Corporation		4,037
	162	Paycom Software, Inc.(a)		45,598
	688	PTC, Inc.(a)		78,576
	23	Salesforce, Inc.(a)		4,047
	17	ServiceNow, Inc.(a)		8,128
	66	Synopsys, Inc.(a)		18,928
	134	Tyler Technologies, Inc.(a)		52,891
				603,991
		SPECIALTY FINANCE - 0.5%
	40	American Express Company		6,988
	124	Capital One Financial Corporation		15,453
	276	Discover Financial Services		31,039
	1,357	Synchrony Financial		49,951
				103,431
		SPECIALTY REITS - 0.3%
	1,182	Iron Mountain, Inc.		63,509

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		STEEL - 0.1%
	175	Nucor Corporation	$	27,087
		TECHNOLOGY HARDWARE - 2.7%
	7	Apple, Inc.		1,104
	194	Arista Networks, Inc.(a)		22,421
	62	Cisco Systems, Inc.		3,037
	790	Corning, Inc.		27,800
	380	F5, Inc.(a)		63,615
	375	Garmin Ltd.		41,153
	2,460	Hewlett Packard Enterprise Company		37,909
	616	HP, Inc.		22,564
	2,439	Juniper Networks, Inc.		76,876
	104	Motorola Solutions, Inc.		22,224
	563	NetApp, Inc.		41,240
	521	Seagate Technology Holdings plc		42,743
	1,352	Western Digital Corporation(a)		71,750
	109	Zebra Technologies Corporation, Class A(a)		40,293
				514,729
		TECHNOLOGY SERVICES - 5.6%
	12	Accenture PLC, Class A		3,604
	48	Automatic Data Processing, Inc.		10,473
	357	Broadridge Financial Solutions, Inc.		51,454
	222	CDW Corporation/DE		36,226
	214	Cognizant Technology Solutions Corporation, Class A		17,313
	3,808	DXC Technology Company(a)		109,290
	377	EPAM Systems, Inc.(a)		99,901
	142	Equifax, Inc.		28,900
	138	FactSet Research Systems, Inc.		55,682
	179	Fidelity National Information Services, Inc.		17,748
	149	Fiserv, Inc.(a)		14,590
	204	FleetCor Technologies, Inc.(a)		50,902
	135	Gartner, Inc.(a)		39,224
	190	Global Payments, Inc.		26,026
	63	International Business Machines Corporation		8,329

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		TECHNOLOGY SERVICES - 5.6% (Continued)
	356	Jack Henry & Associates, Inc.	$	67,490
	11	Kyndryl Holdings, Inc.(a)		131
	597	Leidos Holdings, Inc.		61,795
	196	MarketAxess Holdings, Inc.		51,668
	8	Mastercard, Inc., Class A1		2,907
	51	Moody’s Corporation		16,140
	51	MSCI, Inc.		21,484
	7,807	Nielsen Holdings plc		209,307
	167	Paychex, Inc.		21,164
	80	PayPal Holdings, Inc.(a)		7,034
	17	S&P Global, Inc.		6,401
	162	Verisk Analytics, Inc.		33,056
	10	Visa, Inc., Class A		2,131
				1,070,370
		TELECOMMUNICATIONS - 0.5%
	226	AT&T, Inc.		4,262
	7,478	Lumen Technologies, Inc.		75,230
	46	T-Mobile US, Inc.(a)		5,664
	64	Verizon Communications, Inc.		2,963
				88,119
		TIMBER REIT - 0.2%
	746	Weyerhaeuser Company		30,750
		TOBACCO & CANNABIS - 0.1%
	187	Altria Group, Inc.		10,392
	71	Philip Morris International, Inc.		7,100
				17,492
		TRANSPORTATION & LOGISTICS - 3.9%
	2,890	Alaska Air Group, Inc.(a)		157,188
	6,799	American Airlines Group, Inc.(a)		127,618
	642	CH Robinson Worldwide, Inc.		68,148
	327	CSX Corporation		11,229
	1,314	Delta Air Lines, Inc.(a)		56,541
	518	Expeditors International of Washington, Inc.		51,318

ARROW REVERSE CAP 500 ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

April 30, 2022

Shares			Fair Value
		COMMON STOCKS — 99.9% (Continued)
		TRANSPORTATION & LOGISTICS - 3.9% (Continued)
	72	FedEx Corporation	$	14,309
	211	JB Hunt Transport Services, Inc.		36,049
	49	Norfolk Southern Corporation		12,636
	81	Old Dominion Freight Line, Inc.		22,690
	906	Southwest Airlines Company(a)		42,328
	20	Union Pacific Corporation		4,686
	2,194	United Airlines Holdings, Inc.(a)		110,798
	33	United Parcel Service, Inc., Class B		5,939
				721,477
		TRANSPORTATION EQUIPMENT - 0.6%
	160	Cummins, Inc.		30,270
	343	PACCAR, Inc.		28,486
	597	Westinghouse Air Brake Technologies Corporation		53,677
				112,433
		WHOLESALE - CONSUMER STAPLES - 0.2%
	224	Archer-Daniels-Midland Company		20,061
	283	Sysco Corporation		24,191
				44,252
		WHOLESALE - DISCRETIONARY - 0.8%
	273	Copart, Inc.(a)		31,026
	1,538	LKQ Corporation		76,332
	110	Pool Corporation		44,574
				151,932
		TOTAL COMMON STOCKS (Cost $20,682,490)		18,985,663
		TOTAL INVESTMENTS - 99.9% (Cost $20,682,490)	$	18,985,663
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%		20,537
		NET ASSETS - 100.0%	$	19,006,200

ETF	- Exchange-Traded Fund
LTD	- Limited Company
MSCI	- Morgan Stanley Capital International
NV	- Naamioze Vennootschap
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
(a)	Non-income producing security.