| ARROW DWA TACTICAL: MACRO ETF | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
| October 31, 2024 | |||||||
| Shares | Fair Value | ||||||
| CLOSED END FUNDS — 17.8% | |||||||
| COMMODITY - 17.8% | |||||||
| 9,879 | Sprott Physical Gold Trust(a) | $ 210,620 | |||||
| 18,358 | Sprott Physical Silver Trust(a) | 203,407 | |||||
| TOTAL CLOSED END FUNDS (Cost $378,420) | 414,027 | ||||||
| EXCHANGE-TRADED FUNDS — 80.2% | |||||||
| EQUITY - 80.2% | |||||||
| 4,223 | Financial Select Sector SPDR Fund | 196,285 | |||||
| 1,880 | Industrial Select Sector SPDR Fund | 251,600 | |||||
| 4,270 | Invesco Dividend Achievers ETF | 195,481 | |||||
| 2,705 | Invesco S&P 500 Pure Value ETF | 239,798 | |||||
| 1,007 | iShares MSCI USA Momentum Factor ETF | 203,827 | |||||
| 1,495 | iShares MSCI USA Quality Factor ETF | 263,748 | |||||
| 2,785 | iShares S&P 500 Growth ETF | 264,882 | |||||
| 1,093 | Technology Select Sector SPDR Fund | 242,908 | |||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $1,647,073) | 1,858,529 | ||||||
| Contracts(b) | |||||||
| FUTURE OPTIONS PURCHASED - 0.2% | Boker/Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||
| PUT OPTIONS PURCHASED - 0.2% | |||||||
| 3 | S&P500 EMINI Option | GS | 12/20/2024 | $ 5,000 | $ 855,817 | $ 3,863 | |
| TOTAL PUT OPTIONS PURCHASED (Cost - $10,537) | |||||||
| TOTAL FUTURE OPTIONS PURCHASED (Cost - $10,537) | 3,863 | ||||||
| TOTAL INVESTMENTS - 98.2% (Cost $2,036,030) | $ 2,276,419 | ||||||
| CALL OPTIONS WRITTEN - (0.5)% (Proceeds received - $5,975) | (10,975) | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 2.3% | 52,849 | ||||||
| NET ASSETS - 100.0% | $ 2,318,293 | ||||||
| ARROW DWA TACTICAL: MACRO ETF | |||||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
| October 31, 2024 | |||||||
| Contracts(b) | |||||||
| WRITTEN FUTURE OPTIONS - (0.5)% | Boker/Counterparty | Expiration Date | Exercise Price | Notional Value | Fair Value | ||
| CALL OPTIONS WRITTEN- (0.5)% | |||||||
| 2 | S&P500 EMINI Option | GS | 12/20/2024 | $ 5,800 | $ 570,445 | $ 10,975 | |
| TOTAL CALL OPTIONS WRITTEN (Proceeds - $5,975) | |||||||
| TOTAL FUTURE OPTIONS WRITTEN (Proceeds - $5,975) | $ 10,975 | ||||||
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| SPDR | - Standard & Poor's Depositary Receipt |
| GS | Goldman Sachs |
| (a) | Non-income producing security. |
| (b) | Each contract is equivalent to one futures contract. |
