ARROW DOW JONES GLOBAL YIELD ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||
April 30, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 40.3% | |||||||
ASSET MANAGEMENT - 2.0% | |||||||
11,716 | Alaris Equity Partners Income | $ 132,839 | |||||
17,677 | Kennedy-Wilson Holdings, Inc. | 151,845 | |||||
10,264 | XTB S.A. | 160,895 | |||||
445,579 | |||||||
BANKING - 0.7% | |||||||
4,133 | Komercni banka as | 152,468 | |||||
CHEMICALS – 2.0% | |||||||
23,639 | Chemtrade Logistics Income Fund | 150,925 | |||||
3,037 | Sociedad Quimica y Minera de Chile S.A. - ADR | 138,761 | |||||
1,266 | Wacker Chemie A.G. | 135,952 | |||||
425,638 | |||||||
ELECTRIC UTILITIES - 1.4% | |||||||
114,622,657 | Federal Grid Company Unified Energy System PJSC(a),(b),(e) | – | |||||
11,827 | Fortum OYJ | 156,296 | |||||
5,188 | NextEra Energy Partners, L.P. | 147,132 | |||||
303,428 | |||||||
GAS & WATER UTILITIES - 0.7% | |||||||
9,927 | Enagas S.A. | 145,811 | |||||
HEALTH CARE FACILITIES & SERVICES - 0.7% | |||||||
16,034 | Chartwell Retirement Residences | 145,462 | |||||
HEALTH CARE REIT - 3.4% | |||||||
2,784 | Assura plc | 1,434 | |||||
17,122 | Global Medical REIT, Inc. | 138,859 | |||||
10,563 | Healthcare Realty Trust, Inc. | 150,311 | |||||
29,962 | Medical Properties Trust, Inc. | 137,825 | |||||
42,749 | NorthWest Healthcare Properties Real Estate | 156,806 | |||||
4,681 | Omega Healthcare Investors, Inc. | 142,349 | |||||
1,228 | Primary Health Properties plc | 1,408 | |||||
728,992 |
ARROW DOW JONES GLOBAL YIELD ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
April 30, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 40.3% (Continued) | |||||||
HOTEL REIT - 0.6% | |||||||
20,769 | Service Properties Trust | $ 127,314 | |||||
INDUSTRIAL REIT - 0.8% | |||||||
1,590 | Innovative Industrial Properties, Inc. | 164,406 | |||||
INDUSTRIAL SUPPORT SERVICES - 0.7% | |||||||
94,575 | United Tractors Tbk P.T. | 144,393 | |||||
INSURANCE - 0.0%(c) | |||||||
215 | Phoenix Group Holdings PLC | 1,316 | |||||
METALS & MINING - 4.8% | |||||||
855,348 | Adaro Energy Tbk P.T. | 142,558 | |||||
17,434 | African Rainbow Minerals Ltd. | 181,797 | |||||
788,659 | Bukit Asam Tbk P.T. | 146,964 | |||||
138,185 | CSN Mineracao S.A. | 131,463 | |||||
16,721 | Exxaro Resources Ltd. | 160,830 | |||||
81,849 | Indo Tambangraya Megah Tbk P.T. | 126,977 | |||||
6,191 | Kumba Iron Ore Ltd. | 152,487 | |||||
1,043,076 | |||||||
MULTI ASSET CLASS REIT - 4.6% | |||||||
9,537 | Broadstone Net Lease, Inc. | 138,859 | |||||
62,860 | Charter Hall Long Wale REIT | 138,033 | |||||
2,344 | Cofinimmo S.A. | 155,883 | |||||
2,941 | Covivio | 147,113 | |||||
91,552 | Fibra Uno Administracion S.A. de CV | 131,073 | |||||
19,299 | Global Net Lease, Inc. | 134,128 | |||||
255,553 | Growthpoint Properties Ltd. | 148,560 | |||||
993,649 | |||||||
OFFICE REIT - 3.0% | |||||||
29,591 | Brandywine Realty Trust | 134,343 | |||||
12,928 | Easterly Government Properties, Inc. | 151,128 | |||||
6,526 | Highwoods Properties, Inc. | 170,982 | |||||
15,850 | Orion Office REIT, Inc. | 49,452 |
ARROW DOW JONES GLOBAL YIELD ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
April 30, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 40.3% (Continued) | |||||||
OFFICE REIT - 3.0% (Continued) | |||||||
22,242 | Piedmont Office Realty Trust, Inc., Class A | $ 153,247 | |||||
659,152 | |||||||
OIL & GAS PRODUCERS - 5.5% | |||||||
10,640 | Antero Midstream Corporation | 147,258 | |||||
37,677 | Birchcliff Energy Ltd. | 154,894 | |||||
11,168 | EnLink Midstream, LLC | 153,225 | |||||
1 | Equitrans Midstream Corporation | 14 | |||||
4,133 | Hess Midstream, L.P., Class A | 140,935 | |||||
9,466 | Kimbell Royalty Partners, L.P. | 149,941 | |||||
3,701 | Kinetik Holdings, Inc. | 141,896 | |||||
13,418 | Peyto Exploration & Development Corporation | 149,993 | |||||
8,165 | Plains GP Holdings, L.P., Class A | 148,685 | |||||
1,186,841 | |||||||
REAL ESTATE OWNERS & DEVELOPERS - 0.7% | |||||||
23,731 | NEPI Rockcastle N.V. | 160,149 | |||||
RETAIL - DISCRETIONARY - 2.5% | |||||||
21,360 | ALD S.A. 144A,(d) | 141,481 | |||||
438,971 | Astra International Tbk P.T. | 139,034 | |||||
15,374 | Dogus Otomotiv Servis ve Ticaret A/S | 134,699 | |||||
44,647 | Harvey Norman Holdings Ltd. | 132,744 | |||||
547,958 | |||||||
RETAIL REIT - 2.1% | |||||||
65,429 | Charter Hall Retail REIT | 141,555 | |||||
6,103 | Klepierre S.A. | 164,563 | |||||
8,653 | SmartCentres Real Estate Investment Trust | 140,032 | |||||
1,523 | Supermarket Income Reit plc | 1,374 | |||||
447,524 | |||||||
SPECIALTY FINANCE - 0.7% | |||||||
78,369 | Wisdom Marine Lines Company Ltd. | 163,524 | |||||
SPECIALTY REIT - 0.6% | |||||||
3,385 | EPR Properties | 137,397 | |||||
ARROW DOW JONES GLOBAL YIELD ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
April 30, 2024 | |||||||
Shares | Fair Value | ||||||
COMMON STOCKS — 40.3% (Continued) | |||||||
STEEL - 0.0%(c) | |||||||
14,212 | Severstal PAO(a),(b),(e) | $ – | |||||
TELECOMMUNICATIONS - 0.0%(c) | |||||||
35,608 | Mobile TeleSystems Public Joint Stock Company - ADR(a),(b),(e) | – | |||||
TOBACCO & CANNABIS - 0.7% | |||||||
3,497 | Altria Group, Inc. | 153,203 | |||||
49 | British American Tobacco plc | 1,440 | |||||
154,643 | |||||||
TRANSPORTATION & LOGISTICS - 2.1% | |||||||
1,991,628 | Cia Sud Americana de Vapores S.A. | 155,740 | |||||
3,604 | D/S Norden A/S | 152,331 | |||||
26,793 | Evergreen Marine Corp Taiwan Ltd. | 155,568 | |||||
36,615 | Globaltrans Investment plc(a),(b),(e) | – | |||||
463,639 | |||||||
TOTAL COMMON STOCKS (Cost $9,755,210) | 8,742,359 | ||||||
MASTER LIMITED PARTNERSHIPS — 13.7% | |||||||
ASSET MANAGEMENT - 0.7% | |||||||
8,722 | Icahn Enterprises, L.P. | 153,856 | |||||
CHEMICALS - 0.7% | |||||||
1,943 | CVR Partners, L.P. | 156,606 | |||||
ELECTRIC UTILITIES - 0.9% | |||||||
8,883 | Brookfield Renewable Partners, L.P. | 186,468 | |||||
GAS & WATER UTILITIES - 0.7% | |||||||
7,199 | Suburban Propane Partners, L.P. | 140,596 | |||||
METALS & MINING - 0.7% | |||||||
7,163 | Alliance Resource Partners, L.P. | 160,666 |
ARROW DOW JONES GLOBAL YIELD ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
April 30, 2024 | |||||||
Shares | Fair Value | ||||||
MASTER LIMITED PARTNERSHIPS — 13.7% (Continued) | |||||||
METALS & MINING - 0.7% (Continued) | |||||||
1 | Natural Resource Partners, L.P. | $ 90 | |||||
160,756 | |||||||
OIL & GAS PRODUCERS - 9.4% | |||||||
9,359 | Black Stone Minerals, L.P. | 149,276 | |||||
2,952 | Cheniere Energy Partners, L.P. | 143,024 | |||||
6,472 | CrossAmerica Partners, L.P. | 148,856 | |||||
3,617 | Delek Logistics Partners, L.P. | 142,835 | |||||
4,448 | Dorchester Minerals, L.P. | 143,537 | |||||
9,540 | Energy Transfer, L.P. | 150,064 | |||||
5,125 | Enterprise Products Partners, L.P. | 143,910 | |||||
13,024 | Genesis Energy, L.P. | 154,073 | |||||
3,139 | Global Partners, L.P. | 147,188 | |||||
3,587 | MPLX, L.P. | 149,937 | |||||
6,384 | NuStar Energy, L.P. | 144,087 | |||||
8,452 | Plains All American Pipeline, L.P. | 145,628 | |||||
2,445 | Sunoco, L.P. | 137,654 | |||||
4,183 | Western Midstream Partners, L.P. | 142,640 | |||||
2,042,709 | |||||||
OIL & GAS SERVICES & EQUIPMENT - 0.6% | |||||||
5,448 | USA Compression Partners, L.P. | 132,005 | |||||
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $1,965,323) | 2,972,996 | ||||||
PREFERRED STOCKS — 1.4% | |||||||
OIL & GAS PRODUCERS - 0.7% | |||||||
20,236 | Petroleo Brasileiro S.A. | 163,366 | |||||
STEEL - 0.7% | |||||||
71,867 | Metalurgica Gerdau S.A. | 145,323 | |||||
TOTAL PREFERRED STOCKS (Cost $298,132) | 308,689 | ||||||
ARROW DOW JONES GLOBAL YIELD ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
April 30, 2024 | |||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||
CORPORATE BONDS — 19.0% | |||||||
AUTOMOTIVE — 0.7% | |||||||
175,000 | Tenneco, Inc. | 8.0000 | 11/17/28 | $ 163,695 | |||
BANKING — 0.7% | |||||||
170,000 | Western Alliance Bancorp(f) | TSFR3M + 2.250% | 3.0000 | 06/15/31 | 144,923 | ||
CABLE & SATELLITE — 0.8% | |||||||
200,000 | LCPR Senior Secured Financing DAC | 5.1250 | 07/15/29 | 166,971 | |||
CHEMICALS — 0.7% | |||||||
150,000 | Consolidated Energy Finance S.A. | 12.0000 | 02/15/31 | 155,447 | |||
COMMERCIAL SUPPORT SERVICES — 0.9% | |||||||
200,000 | Ambipar Lux Sarl | 9.8750 | 02/06/31 | 198,113 | |||
ENGINEERING & CONSTRUCTION — 0.8% | |||||||
200,000 | IHS Holding Ltd. | 6.2500 | 11/29/28 | 173,290 | |||
ENTERTAINMENT CONTENT — 0.5% | |||||||
132,000 | ViacomCBS, Inc.(f) | US000M + 3.899% | 6.2500 | 02/28/57 | 115,821 | ||
FORESTRY, PAPER & WOOD PRODUCTS — 0.7% | |||||||
165,000 | Domtar Corporation | 6.7500 | 10/01/28 | 144,718 | |||
INSURANCE — 1.3% | |||||||
164,000 | Global Atlantic Fin Company(f) | H15T5Y + 3.796% | 4.7000 | 10/15/51 | 144,936 | ||
221,000 | Liberty Mutual Group, Inc. | 4.3000 | 02/01/61 | 136,110 | |||
281,046 | |||||||
OIL & GAS PRODUCERS — 4.6% | |||||||
250,000 | AI Candelaria Spain S.A. | 5.7500 | 06/15/33 | 193,576 | |||
305,000 | Canacol Energy Ltd. | 5.7500 | 11/24/28 | 143,831 | |||
200,000 | Geopark Ltd. | 5.5000 | 01/17/27 | 179,920 | |||
155,000 | PDC Energy, Inc. | 5.7500 | 05/15/26 | 155,008 | |||
205,000 | Petroleos Mexicanos | 7.6900 | 01/23/50 | 143,003 | |||
ARROW DOW JONES GLOBAL YIELD ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
April 30, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
CORPORATE BONDS — 19.0% (Continued) | |||||||
OIL & GAS PRODUCERS — 4.6% (Continued) | |||||||
200,000 | SierraCol Energy Andina, LLC | 6.0000 | 06/15/28 | $ 173,318 | |||
988,656 | |||||||
PUBLISHING & BROADCASTING — 0.7% | |||||||
215,000 | Sinclair Television Group, Inc. | 4.1250 | 12/01/30 | 147,997 | |||
REAL ESTATE INVESTMENT TRUSTS — 2.8% | |||||||
182,000 | MPT Operating Partnership, L.P. / MPT Finance | 5.0000 | 10/15/27 | 149,428 | |||
235,000 | MPT Operating Partnership, L.P. / MPT Finance | 3.5000 | 03/15/31 | 157,875 | |||
175,000 | Necessity Retail REIT Inc (The) / American Finance | 4.5000 | 09/30/28 | 150,050 | |||
147,000 | Uniti Group L.P. / CSL Capital LLC | 10.5000 | 02/15/28 | 152,399 | |||
609,752 | |||||||
REAL ESTATE SERVICES — 0.7% | |||||||
165,000 | Anywhere Real Estate Group, LLC / Anywhere | 7.0000 | 04/15/30 | 145,173 | |||
TECHNOLOGY SERVICES — 0.7% | |||||||
160,000 | Neptune Bidco US, Inc. | 9.2900 | 04/15/29 | 151,362 | |||
TELECOMMUNICATIONS — 1.7% | |||||||
213,000 | Colombia Telecomunicaciones S.A. ESP | 4.9500 | 07/17/30 | 150,700 | |||
142,000 | Hughes Satellite Systems Corporation | 5.2500 | 08/01/26 | 117,661 | |||
190,000 | Hughes Satellite Systems Corporation | 6.6250 | 08/01/26 | 109,467 | |||
377,828 | |||||||
TRANSPORTATION & LOGISTICS — 0.7% | |||||||
148,000 | GN Bondco, LLC | 9.5000 | 10/15/31 | 142,137 | |||
TOTAL CORPORATE BONDS (Cost $4,183,877) | 4,106,929 | ||||||
ARROW DOW JONES GLOBAL YIELD ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
April 30, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
NON U.S. GOVERNMENT & AGENCIES — 20.7% | |||||||
SOVEREIGN — 20.7% | |||||||
125,000 | Brazilian Government International Bond | 4.2500 | 01/07/25 | $ 123,756 | |||
128,000 | Brazilian Government International Bond | 10.1250 | 05/15/27 | 144,244 | |||
200,000 | Brazilian Government International Bond | 5.6250 | 01/07/41 | 172,659 | |||
171,000 | Chile Government International Bond | 3.8600 | 06/21/47 | 127,166 | |||
170,000 | Colombia Government International Bond | 8.1250 | 05/21/24 | 170,085 | |||
200,000 | Colombia Government International Bond | 7.5000 | 02/02/34 | 197,264 | |||
200,000 | Hungary Government International Bond | 6.1250 | 05/22/28 | 202,358 | |||
174,000 | Hungary Government International Bond | 7.6250 | 03/29/41 | 193,584 | |||
200,000 | Hungary Government International Bond | 6.7500 | 09/25/52 | 206,041 | |||
115,000 | Indonesia Government International Bond | 8.5000 | 10/12/35 | 142,754 | |||
190,000 | Mexico Government International Bond | 4.1250 | 01/21/26 | 185,133 | |||
125,000 | Mexico Government International Bond | 8.3000 | 08/15/31 | 146,675 | |||
1,000 | Mexico Government International Bond | 4.7500 | 03/08/44 | 797 | |||
175,000 | Mexico Government International Bond | 4.6000 | 02/10/48 | 133,141 | |||
140,000 | Panama Government International Bond | 8.8750 | 09/30/27 | 148,645 | |||
200,000 | Panama Government International Bond | 7.5000 | 03/01/31 | 202,932 | |||
270,000 | Panama Government International Bond | 3.3620 | 06/30/31 | 210,668 | |||
200,000 | Panama Government International Bond | 6.8530 | 03/28/54 | 174,621 | |||
100,000 | Peruvian Government International Bond | 7.3500 | 07/21/25 | 101,925 | |||
135,000 | Peruvian Government International Bond | 8.7500 | 11/21/33 | 160,873 | |||
150,000 | Republic of Poland Government International Bond | 5.5000 | 03/18/54 | 141,393 | |||
140,000 | Republic of South Africa Government International | 4.8750 | 04/14/26 | 135,835 | |||
200,000 | Republic of South Africa Government International | 5.8750 | 04/20/32 | 178,293 | |||
200,000 | Republic of South Africa Government International | 7.3000 | 04/20/52 | 169,436 | |||
ARROW DOW JONES GLOBAL YIELD ETF | |||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||
April 30, 2024 | |||||||
Principal Amount ($) | Coupon Rate (%) | Maturity | Fair Value | ||||
NON U.S. GOVERNMENT & AGENCIES — 20.7% (Continued) | |||||||
SOVEREIGN — 20.7% (Continued) | |||||||
200,000 | Turkey Government International Bond | 9.1250 | 07/13/30 | $ 215,734 | |||
300,000 | Turkey Government International Bond | 9.3750 | 01/19/33 | 331,882 | |||
200,000 | Turkey Government International Bond | 6.6250 | 02/17/45 | 167,711 | |||
TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $4,642,847) | 4,485,605 | ||||||
TOTAL INVESTMENTS - 95.1% (Cost $20,845,389) | $ 20,616,578 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.9% | 1,069,899 | ||||||
NET ASSETS - 100.0% | $ 21,686,477 | ||||||
ADR | - American Depositary Receipt |
A/S | - Anonim Sirketi |
LLC | - Limited Liability Company |
LP | - Limited Partnership |
LTD | - Limited Company |
NV | - Naamioze Vennootschap |
OYJ | - Julkinen osakeyhtiö |
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 |
US0003M | - Intercontinental Exchange London Interbank Offered Rate (ICE LIBOR) USD 3 Month |
TSFR3M | - TSFR3M |
(a) | Non-income producing security. |
(b) | The fair value of this investment is determined using significant unobservable inputs. |
(c) | Percentage rounds to less than 0.1%. |
(d) | 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, 2024 the total market value of 144A securities is $141,481 or 0.7% of net assets. |
(e) | Illiquid security. The total fair value of these securities as of April 30, 2024 was $0, representing 0.0% of net assets. |
(f) | Variable rate security; the rate shown represents the rate on April 30, 2024. |