The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALTRIA GROUP INC COM 02209S103 BBG001S5T8T5 439,706 7,326 SH   SOLE   7,326 0 0
ARROW INVTS TR DWA TACT INTL 042765685 BBG00JM9PV26 4,198,049 143,966 SH   SOLE   143,966 0 0
ARROW INVTS TR RESV CAP ETF 042765719 BBG00GBV8PC6 40,994,371 409,003 SH   SOLE   409,003 0 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 BBG001S6YGF4 122,717 27,515 SH   SOLE   27,515 0 0
EASTERLY GOVT PPTYS INC COM 27616P103 BBG007SV91T2 143,609 13,548 SH   SOLE   13,548 0 0
FORD MTR CO COM 345370860 BBG001S5TZ33 105,425 10,511 SH   SOLE   10,511 0 0
GARMIN LTD SHS H2906T109 BBG001SG0H12 295,948 1,363 SH   SOLE   1,363 0 0
GENESIS ENERGY L P UNIT LTD PARTN 371927104 BBG001S9CQC3 214,733 13,686 SH   SOLE   13,686 0 0
GLOBAL MED REIT INC COM NEW 37954A204 BBG0027F2C05 175,534 20,061 SH   SOLE   20,061 0 0
GLOBAL NET LEASE INC COM NEW 379378201 BBG004HXD0H7 169,154 21,039 SH   SOLE   21,039 0 0
ICAHN ENTERPRISES LP DEPOSITARY UNIT 451100101 BBG001S5NBT4 137,150 15,138 SH   SOLE   15,138 0 0
INVESCO DB MULTI-SECTOR COMM PRECIOUS METAL 46140H502 BBG001SSDLP7 230,641 3,228 SH   SOLE   3,228 0 0
INVESCO EXCHANGE TRADED FD T DIVID ACHIEVEV 46137V506 BBG001S69B36 3,479,509 76,005 SH   SOLE   76,005 0 0
INVESCO EXCHANGE TRADED FD T S&P MDCP400 PR 46137V217 BBG00KJR2XY3 775,835 17,701 SH   SOLE   17,701 0 0
ISHARES INC MSCI AUST ETF 464286103 BBG001S6ZW40 536,237 22,877 SH   SOLE   22,877 0 0
ISHARES INC MSCI FRANCE ETF 464286707 BBG001S8S2R5 609,457 15,313 SH   SOLE   15,313 0 0
ISHARES INC MSCI ISRAEL ETF 464286632 BBG001T13884 536,507 7,215 SH   SOLE   7,215 0 0
ISHARES INC MSCI ITALY ETF 46434G830 BBG001S8SYM0 644,999 15,241 SH   SOLE   15,241 0 0
ISHARES INC MSCI SPAIN ETF 464286764 BBG001S8SYT3 672,368 17,666 SH   SOLE   17,666 0 0
ISHARES INC MSCI STH AFR ETF 464286780 BBG001SLJR19 626,171 13,010 SH   SOLE   13,010 0 0
ISHARES INC MSCI SWEDEN ETF 464286756 BBG001S8SYV0 616,809 14,658 SH   SOLE   14,658 0 0
ISHARES INC MSCI TAIWAN ETF 46434G772 BBG001SFGL81 500,961 10,551 SH   SOLE   10,551 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 BBG001SKXPR1 1,252,615 15,141 SH   SOLE   15,141 0 0
ISHARES TR 20 YR TR BD ETF 464287432 BBG001S8MLN3 1,288,257 14,152 SH   SOLE   14,152 0 0
ISHARES TR COHEN STEER REIT 464287564 BBG001SDX760 1,492,718 24,260 SH   SOLE   24,260 0 0
ISHARES TR IBOXX HI YD ETF 464288513 BBG001ST0ZQ7 1,307,996 16,580 SH   SOLE   16,580 0 0
ISHARES TR IBOXX INV CP ETF 464287242 BBG001S60QR6 1,289,063 11,860 SH   SOLE   11,860 0 0
ISHARES TR JPMORGAN USD EMG 464288281 BBG001SQS9Y2 1,331,220 14,695 SH   SOLE   14,695 0 0
ISHARES TR MSCI CHINA ETF 46429B671 BBG001S56D46 635,392 11,680 SH   SOLE   11,680 0 0
ISHARES TR MSCI INDIA ETF 46429B598 BBG002DMN4B6 536,164 10,415 SH   SOLE   10,415 0 0
ISHARES TR MSCI USA MMENTM 46432F396 BBG004FPV022 3,644,201 18,029 SH   SOLE   18,029 0 0
ISHARES TR MSCI USA QLT FCT 46432F339 BBG004TRTWW3 4,563,618 26,705 SH   SOLE   26,705 0 0
ISHARES TR S&P 500 GRWT ETF 464287309 BBG001S561Q8 4,625,069 49,823 SH   SOLE   49,823 0 0
ISHARES TR TIPS BD ETF 464287176 BBG001SD9RM5 1,292,088 11,631 SH   SOLE   11,631 0 0
MEDICAL PPTYS TRUST INC COM 58463J304 BBG001S7WM61 244,860 40,607 SH   SOLE   40,607 0 0
ONEOK INC NEW COM 682680103 BBG001S5TWK1 210,446 2,121 SH   SOLE   2,121 0 0
ORION OFFICE REIT INC COM 68629Y103 BBG0118JXCF7 86,668 40,499 SH   SOLE   40,499 0 0
PHILIP MORRIS INTL INC COM 718172109 BBG001STP9N1 259,206 1,633 SH   SOLE   1,633 0 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 BBG001T6RFS9 126,226 17,127 SH   SOLE   17,127 0 0
SELECT SECTOR SPDR TR FINANCIAL 81369Y605 BBG001S7T223 3,761,552 75,518 SH   SOLE   75,518 0 0
SELECT SECTOR SPDR TR INDL 81369Y704 BBG001S7T232 4,402,249 33,587 SH   SOLE   33,587 0 0
SELECT SECTOR SPDR TR TECHNOLOGY 81369Y803 BBG001S7TCZ5 4,042,466 19,578 SH   SOLE   19,578 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 BBG001T96GD0 134,108 11,561 SH   SOLE   11,561 0 0
T-MOBILE US INC COM 872590104 BBG001SKR9Y6 312,851 1,173 SH   SOLE   1,173 0 0
VANGUARD INDEX FDS GROWTH ETF 922908736 BBG001SHTTS4 1,103,560 2,976 SH   SOLE   2,976 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 BBG001S5XBY7 318,133 28,481 SH   SOLE   28,481 0 0