| Arrow Dow Jones Global Yield ETF |
| PORTFOLIO OF INVESTMENTS (Unaudited) |
| April 30, 2021 |
| Shares | | | | | | | Value |
| | | COMMON STOCKS - 44.6% | | | | | |
| | | BANKING - 0.5% | | | | | |
| 420,264 | | China Minsheng Banking Corp. Ltd. | | | | | $ 215,899 |
| | | | | | | | |
| | | CHEMICALS - 1.4% | | | | | |
| 49,048 | | Chemtrade Logistics Income Fund | | | | | 301,018 |
| 561,491 | | China Sanjiang Fine Chemicals Co. Ltd. | | | | | 263,870 |
| | | | | | | | 564,888 |
| | | ELECTRIC UTILITIES - 1.3% | | | | | |
| 1,132,188 | | China Power International Development Ltd. | | | | | 259,474 |
| 93,594,803 | | Federal Grid Co Unified Energy System PJSC | | | | | 265,415 |
| | | | | | | | 524,889 |
| | | ENGINEERING & CONSTRUCTION - 0.7% | | | | | |
| 476,300 | | Sinopec Engineering Group Co. Ltd. | | | | | 294,972 |
| | | | | | | | |
| | | FOOD - 0.6% | | | | | |
| 2,051,390 | | CP Pokphand Co. Ltd. | | | | | 258,839 |
| | | | | | | | |
| | | GAS & WATER UTILITIES - 0.7% | | | | | |
| 12,329 | | Enagas SA | | | | | 268,931 |
| | | | | | | | |
| | | INSTITUTIONAL FINANCIAL SERVICES - 0.7% | | | | | |
| 70,890 | | Coronation Fund Managers Ltd. | | | | | 269,878 |
| | | | | | | | |
| | | INSURANCE - 0.7% | | | | | |
| 306,949 | | Liberty Holdings Ltd. | | | | | 301,541 |
| | | | | | | | |
| | | MACHINERY - 0.6% | | | | | |
| 627,850 | | Lonking Holdings Ltd. | | | | | 266,763 |
| | | | | | | | |
| | | METALS & MINING - 4.8% | | | | | |
| 3,277,049 | | Adaro Energy Tbk PT * | | | | | 282,446 |
| 1,464,081 | | Bukit Asam Tbk PT | | | | | 240,213 |
| 129,981 | | China Shenhua Energy Co. Ltd. | | | | | 271,113 |
| 17,382 | | Fortescue Metals Group Ltd. | | | | | 303,310 |
| 6,511 | | Kumba Iron Ore Ltd. | | | | | 295,460 |
| 9,355 | | Labrador Iron Ore Royalty Corp. | | | | | 319,539 |
| 219,947 | | Yanzhou Coal Mining Co. Ltd. | | | | | 262,514 |
| | | | | | | | 1,974,595 |
| | | OIL & GAS PRODUCERS - 4.0% | | | | | |
| 30,295 | | Antero Midstream Corp. | | | | | 261,749 |
| 15,708 | | Bashneft PJSC | | | | | 246,784 |
| 63,923 | | EnLink Midstream LLC | | | | | 295,963 |
| 1 | | Equitrans Midstream Corp. | | | | | 8 |
| 12,604 | | Hess Midstream LP | | | | | 281,447 |
| 26,273 | | Kimbell Royalty Partners LP | | | | | 282,697 |
| 29,525 | | Plains GP Holdings LP | | | | | 276,945 |
| | | | | | | | 1,645,593 |
| | | REAL ESTATE INVESTMENT TRUSTS (REITS) - 20.3% | | | | |
| 43,000 | | Apartment Investment and Management Co. | | | | | 298,420 |
| 117,132 | | Ascendas Real Estate Investment Trust | | | | | 273,813 |
| 20,304 | | Brandywine Realty Trust | | | | | 274,713 |
| 74,496 | | Charter Hall Long Wale REIT | | | | | 281,392 |
| 93,419 | | Charter Hall Retail REIT | | | | | 268,441 |
| 25,423 | | City Office REIT, Inc. | | | | | 277,873 |
| 15,339 | | Columbia Property Trust, Inc. | | | | | 276,255 |
| 2,943 | | Covivio | | | | | 262,875 |
Arrow Dow Jones Global Yield ETF |
| PORTFOLIO OF INVESTMENTS (Unaudited)(Continued) |
| April 30, 2021 |
| Shares | | | | | | | Value |
| | | REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) - 20.3% | | | | |
| 36,585 | | Dexus | | | | | $ 287,405 |
| 1,040 | | Diversified Healthcare Trust | | | | | 4,592 |
| 227,079 | | Fibra Uno Administracion SA de CV | | | | | 281,394 |
| 47,885 | | Franklin Street Properties Corp. | | | | | 252,833 |
| 9,242 | | Getty Realty Corp. | | | | | 291,862 |
| 14,553 | | Global Net Lease, Inc. | | | | | 279,418 |
| 295,113 | | Growthpoint Properties Ltd. | | | | | 295,367 |
| 23,272 | | H&R Real Estate Investment Trust | | | | | 288,110 |
| 141,780 | | Hyprop Investments Ltd. | | | | | 298,073 |
| 11,251 | | Industrial Logistics Properties Trust | | | | | 279,025 |
| 259 | | Japan Metropolitan Fund Invest | | | | | 255,197 |
| 11,876 | | Klepierre SA | | | | | 315,377 |
| 339,242 | | Mapletree North Asia Commercial Trust | | | | | 277,942 |
| 3,667 | | National Health Investors, Inc. | | | | | 269,194 |
| 9,372 | | Office Properties Income Trust | | | | | 260,073 |
| 7,194 | | Omega Healthcare Investors, Inc. | | | | | 273,372 |
| 17,314 | | RioCan Real Estate Investment Trust | | | | | 295,838 |
| 3,700 | | SL Green Realty Corp. | | | | | 273,837 |
| 12,475 | | SmartCentres Real Estate Investment Trust | | | | | 290,225 |
| 6,303 | | Spirit Realty Capital, Inc. | | | | | 299,645 |
| 3,404 | | Unibail-Rodamco-Westfield | | | | | 281,064 |
| 139,755 | | Waypoint REIT | | | | | 268,805 |
| 3,780 | | WP Carey, Inc. | | | | | 283,084 |
| | | | | | | | 8,415,514 |
| | | REAL ESTATE OWNERS & DEVELOPERS - 2.4% | | | | | |
| 163,142 | | Agile Group Holdings Ltd. | | | | | 255,840 |
| 199,991 | | Guangzhou R&F Properties Co. Ltd. | | | | | 255,948 |
| 900,828 | | Poly Property Group Co. Ltd. * | | | | | 257,484 |
| 822,184 | | Yuzhou Group Holdings Co. Ltd. | | | | | 228,654 |
| | | | | | | | 997,926 |
| | | STEEL - 0.8% | | | | | |
| 13,703 | | Severstal PAO | | | | | 323,829 |
| | | | | | | | |
| | | TELECOMMUNICATIONS - 2.6% | | | | | |
| 20,197 | | Lumen Technologies, Inc. | | | | | 259,128 |
| 32,506 | | Mobile TeleSystems PJSC - ADR | | | | | 275,326 |
| 33,610 | | Telefonica Brasil SA - ADR | | | | | 266,527 |
| 59,364 | | Telefonica SA | | | | | 275,381 |
| | | | | | | | 1,076,362 |
| | | TOBACCO & CANNABIS - 1.2% | | | | | |
| 7,033 | | British American Tobacco PLC | | | | | 261,161 |
| 2,820,903 | | Hanjaya Mandala Sampoerna Tbk PT | | | | | 257,777 |
| | | | | | | | 518,938 |
| | | TRANSPORTATION & LOGISTICS - 1.3% | | | | | |
| 40,528 | | Globaltrans Investment PLC - ADR | | | | | 252,084 |
| 18,440 | | Hoegh LNG Partners LP | | | | | 307,948 |
| | | | | | | | 560,032 |
| | | | | | | | |
| | | TOTAL COMMON STOCKS (Cost $16,900,993) | | | | | 18,479,389 |
| | | | | | | | |
| Principal Amount ($) | | | Coupon Rate (%) | | Maturity | | |
| | | CORPORATE BONDS - 19.6% | | | | | |
| | | AEROSPACE & DEFENSE - 0.6% | | | | | |
| 234,000 | | Embraer Netherlands Finance BV | 4.250 | | 2/15/2029 | | 246,578 |
| | | | | | | | |
| | | AUTOMOTIVE - 0.6% | | | | | |
| 245,000 | | Goodyear Tire & Rubber Co. | 6.700 | | 12/15/2033 | | 251,929 |
Arrow Dow Jones Global Yield ETF |
| PORTFOLIO OF INVESTMENTS (Unaudited)(Continued) |
| April 30, 2021 |
| Principal Amount ($) | | | Coupon Rate (%) | | Maturity | | Value |
| | | CHEMICALS - 0.6% | | | | | |
| 245,000 | | Methanex Corp. | 5.000 | | 5/31/2026 | | $ 259,034 |
| | | | | | | | |
| | | ELECTRIC UTILITIES - 0.6% | | | | | |
| 250,000 | | PG&E Corp. | 4.750 | | 10/15/2028 | | 267,188 |
| | | | | | | | |
| | | ENGINEERING & CONSTRUCTION - 0.6% | | | | | |
| 252,000 | | Fluor Corp. | 4.625 | | 1/31/2032 | | 260,140 |
| | | | | | | | |
| | | ENTERTAINMENT CONTENT - 0.6% | | | | | |
| 270,000 | | AMC Networks, Inc. | 5.875 | | 12/1/2027 | | 266,967 |
| | | | | | | | |
| | | HEALTHCARE FACILITIES & SERVICES - 0.7% | | | | | |
| 260,000 | | Encompass Health Corp. | 3.500 | | 8/15/2029 | | 273,325 |
| | | | | | | | |
| | | LEISURE FACILITIES & SERVICES - 1.3% | | | | | |
| 260,000 | | MGM Resorts International | 5.750 | | 5/15/2026 | | 274,609 |
| 260,000 | | Yum! Brands, Inc. | 6.450 | | 1/23/2025 | | 272,077 |
| | | | | | | | 546,686 |
| | | OIL & GAS PRODUCERS - 8.4% | | | | | |
| 270,000 | | Buckeye Partners LP | 5.093 | | 1/15/2030 | | 270,338 |
| 260,000 | | DCP Midstream Operating LP | 3.950 | | 12/1/2026 | | 278,169 |
| 260,000 | | EnLink Midstream Partners LP | 5.125 | | 5/15/2029 | | 262,747 |
| 258,000 | | Genesis Energy LP | 4.150 | | 6/1/2025 | | 259,612 |
| 256,000 | | Murphy Oil Corp. | 6.500 | | 10/1/2025 | | 257,605 |
| 235,000 | | NuStar Logistics LP | 6.000 | | 6/1/2026 | | 255,084 |
| 280,000 | | Occidental Petroleum Corp | 6.875 | | 5/15/2023 | | 267,750 |
| 410,000 | | PBF Holding Co. LLC | 5.300 | | 2/1/2030 | | 310,319 |
| 260,000 | | PBF Logistics LP | 6.000 | | 2/15/2028 | | 260,000 |
| 245,000 | | PDC Energy, Inc. | 4.650 | | 11/15/2024 | | 255,028 |
| 250,000 | | Petrobras Global Finance BV | 6.875 | | 9/1/2027 | | 264,504 |
| 240,000 | | Southwestern Energy Co. | 4.750 | | 2/1/2030 | | 259,500 |
| 250,000 | | Western Midstream Operating LP | 5.400 | | 2/1/2027 | | 273,125 |
| | | | | | | | 3,473,781 |
| | | OIL & GAS SERVICES & EQUIPMENT - 1.3% | | | | | |
| 277,000 | | Oceaneering International, Inc. | 4.250 | | 9/15/2028 | | 270,769 |
| 235,000 | | USA Compression Partners LP | 3.375 | | 5/1/2027 | | 247,573 |
| | | | | | | | 518,342 |
| | | REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.8% | | | | | |
| 225,000 | | Diversified Healthcare Trust | 5.000 | | 3/1/2031 | | 252,281 |
| 250,000 | | iStar, Inc. | 9.750 | | 6/15/2025 | | 253,863 |
| 241,000 | | RHP Hotel Properties LP | 4.750 | | 10/15/2027 | | 248,425 |
| | | | | | | | 754,569 |
| | | REAL ESTATE OWNERS & DEVELOPERS - 1.3% | | | | | |
| 260,000 | | Kennedy-Wilson, Inc. | 5.125 | | 10/15/2027 | | 269,113 |
| 260,000 | | Kennedy-Wilson, Inc. | 4.750 | | 3/1/2029 | | 269,559 |
| | | | | | | | 538,672 |
| | | TELECOMMUNICATIONS - 0.7% | | | | | |
| 220,000 | | United States Cellular Corp. | 4.250 | | 8/1/2025 | | 275,643 |
| | | | | | | | |
| | | TRANSPORTATION & LOGISTICS - 0.5% | | | | | |
| 196,274 | | American Airlines 2015-1 Class A Pass Through Trust | 5.250 | | 7/1/2030 | | 193,723 |
| | | | | | | | |
| | | TOTAL CORPORATE BONDS (Cost $7,730,305) | | | | | 8,126,577 |
| | | | | | | | |
| Shares | | | | | | | Value |
| | | MASTER LIMITED PARTNERSHIPS - 16.0% | | | | | |
| | | GAS & WATER UTILITIES - 0.7% | | | | | |
| 17,813 | | Suburban Propane Partners LP | | | | | 270,758 |
| | | | | | | | |
| Arrow Dow Jones Global Yield ETF |
| PORTFOLIO OF INVESTMENTS (Unaudited)(Continued) |
| April 30, 2021 |
| Shares | | | | | | | Value |
| | | METALS & MINING - 0.0% | | | | | |
| 1 | | Natural Resource Partners LP | | | | | $ 17 |
| | | | | | | | |
| | | OIL & GAS PRODUCERS - 14.0% | | | | | |
| 21,359 | | BP Midstream Partners LP | | | | | 278,949 |
| 9,889 | | Crestwood Equity Partners LP | | | | | 301,120 |
| 12,574 | | DCP Midstream LP | | | | | 282,915 |
| 7,527 | | Delek Logistics Partners LP | | | | | 313,123 |
| 40,000 | | Enable Midstream Partners LP | | | | | 295,600 |
| 34,433 | | Energy Transfer LP | | | | | 296,468 |
| 11,950 | | Enterprise Products Partners LP | | | | | 274,970 |
| 29,888 | | Genesis Energy LP | | | | | 274,671 |
| 12,291 | | Global Partners LP/MA | | | | | 296,582 |
| 6,244 | | Magellan Midstream Partners LP | | | | | 292,032 |
| 10,553 | | MPLX LP | | | | | 284,825 |
| 16,116 | | NuStar Energy LP | | | | | 308,783 |
| 12,939 | | Oasis Midstream Partners LP | | | | | 271,201 |
| 18,777 | | PBF Logistics LP | | | | | 289,166 |
| 8,689 | | Phillips 66 Partners LP | | | | | 300,205 |
| 30,090 | | Plains All American Pipeline LP | | | | | 273,217 |
| 25,891 | | Rattler Midstream LP * | | | | | 293,863 |
| 20,475 | | Shell Midstream Partners LP | | | | | 315,929 |
| 8,298 | | Sunoco LP | | | | | 291,260 |
| 14,754 | | Western Midstream Partners LP | | | | | 289,769 |
| | | | | | | | 5,824,648 |
| | | OIL & GAS SERVICES & EQUIPMENT - 0.6% | | | | | |
| 17,498 | | USA Compression Partners LP | | | | | 256,346 |
| | | | | | | | |
| | | TRANSPORTATION & LOGISTICS - 0.7% | | | | | |
| 14,878 | | KNOT Offshore Partners LP | | | | | 276,731 |
| | | | | | | | |
| | | TOTAL MASTER LIMITED PARTNERSHIPS (Cost $5,423,629) | | | | 6,628,500 |
| | | | | | | | |
| Principal Amount ($) | | | | | | | |
| | | NON U.S. GOVERNMENT & AGENCIES - 19.3% | Coupon Rate (%) | | Maturity | | |
| | | SOVEREIGN - 19.3% | | | | | |
| 125,000 | | Brazilian Government International Bond | 4.250 | | 1/7/2025 | | 135,002 |
| 230,000 | | Brazilian Government International Bond | 6.000 | | 4/7/2026 | | 267,806 |
| 240,000 | | Brazilian Government International Bond | 10.125 | | 5/15/2027 | | 339,362 |
| 350,000 | | Brazilian Government International Bond | 3.875 | | 6/12/2030 | | 347,903 |
| 215,000 | | Brazilian Government International Bond | 5.625 | | 1/7/2041 | | 231,391 |
| 171,000 | | Chile Government International Bond | 3.860 | | 6/21/2047 | | 187,383 |
| 100,000 | | Colombia Government International Bond | 8.125 | | 5/21/2024 | | 119,358 |
| 184,000 | | Colombia Government International Bond | 6.125 | | 1/18/2041 | | 220,804 |
| 144,000 | | Hungary Government International Bond | 7.625 | | 3/29/2041 | | 232,606 |
| 200,000 | | Indonesia Government International Bond | 3.500 | | 1/11/2028 | | 216,994 |
| 200,000 | | Indonesia Government International Bond | 4.350 | | 1/11/2048 | | 221,198 |
| 250,000 | | Indonesia Government International Bond | 4.200 | | 10/15/2050 | | 276,624 |
| 250,000 | | Israel Government International Bond | 2.750 | | 7/3/2030 | | 263,753 |
| 165,000 | | Israel Government International Bond | 4.500 | | 1/30/2043 | | 201,793 |
| 190,000 | | Mexico Government International Bond | 4.125 | | 1/21/2026 | | 213,925 |
| 350,000 | | Mexico Government International Bond | 4.150 | | 3/28/2027 | | 392,660 |
| 317,000 | | Mexico Government International Bond | 4.750 | | 3/8/2044 | | 338,687 |
| 175,000 | | Mexico Government International Bond | 4.600 | | 2/10/2048 | | 180,898 |
| 250,000 | | Panama Government International Bond | 8.875 | | 9/30/2027 | | 345,950 |
| 205,000 | | Peruvian Government International Bond | 2.844 | | 6/20/2030 | | 207,999 |
| 255,000 | | Peruvian Government International Bond | 5.625 | | 11/18/2050 | | 340,038 |
Arrow Dow Jones Global Yield ETF |
| PORTFOLIO OF INVESTMENTS (Unaudited)(Continued) |
| April 30, 2021 |
| Principal Amount ($) | | | Coupon Rate (%) | | Maturity | | Value |
| | | SOVEREIGN - 19.3% (continued) | | | | | |
| 464,000 | | Republic of South Africa Government International Bond | 4.665 | | 1/17/2024 | | $ 496,615 |
| 140,000 | | Republic of South Africa Government International Bond | 4.875 | | 4/14/2026 | | 149,539 |
| 240,000 | | Republic of South Africa Government International Bond | 4.850 | | 9/30/2029 | | 248,655 |
| 237,000 | | Republic of South Africa Government International Bond | 6.250 | | 3/8/2041 | | 249,582 |
| 230,000 | | Republic of South Africa Government International Bond | 5.000 | | 10/12/2046 | | 207,393 |
| 239,000 | | Turkey Government International Bond | 3.250 | | 3/23/2023 | | 235,127 |
| 400,000 | | Turkey Government International Bond | 4.250 | | 3/13/2025 | | 384,631 |
| 200,000 | | Turkey Government International Bond | 6.125 | | 10/24/2028 | | 197,752 |
| 385,000 | | Turkey Government International Bond | 6.000 | | 1/14/2041 | | 338,508 |
| 240,000 | | Turkey Government International Bond | 5.750 | | 5/11/2047 | | 198,319 |
| | | NON U.S. GOVERNMENT & AGENCIES (Cost $7,554,367) | | | | 7,988,255 |
| | | | | | | | |
| | | TOTAL INVESTMENTS - 99.5% (Cost - $37,609,294) | | | | | $ 41,222,721 |
| | | OTHER ASSETS LESS LIABILITIES - 0.5% | | | | | 222,936 |
| | | NET ASSETS - 100.0% | | | | | $ 41,445,657 |
| | | | | | | | |
| * Non Income Producing Security |
| ADR - American Depositary Receipt | | | | | |
| BV - Besloten Vennootschap | | | | | |
| LLC - Limited Liability Company | | | | | |
| LP - Limited Partnership | | | | | | |
| LTD - Limited Company | | | | | | |
| NV - Naamloze Vennootschap | | | | | |
| PJSC - Public Joint-Stock Company | | | | | |
| PLC - Public Limited Company | | | | | |
| PT - Perseroan Terbatas | | | | | |
| SA - Société Anonyme | | | | | | |
| SA de CV - Sociedad Anonima de Capital Variable | | | | | |
