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 |