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H3Y3WLYCX0BTO1TRW162 RRC 8 1/4 01/15/29 75281ABJ7 150000.00000000 PA USD 156712.50000000 0.649638938730 Long DBT CORP US N 2 2029-01-15 Fixed 8.25000000 N N N N N N Exxaro Resources Ltd. 378900BC3D9BFF4E4A37 Exxaro Resources Ltd S26949107 15622.00000000 NS 163799.42000000 0.679017189907 Long EC CORP ZA N 1 N N N NorthWest Healthcare Properties REIT N/A NORTHWEST HEALTH 667495105 25802.00000000 NS 155234.08000000 0.643510268714 Long EC CORP CA N 1 N N N Spirit Realty Capital Inc 549300LTU6LVPZSHMJ25 SPIRIT REALTY 84860W300 4141.00000000 NS USD 159262.86000000 0.660211248940 Long EC CORP US N 1 N N N Medical Properties Trust Inc. 254900U6E39J1MQCCY14 MEDICAL PROPERTI 58463J304 20128.00000000 NS USD 176522.56000000 0.731759933255 Long EC CORP US N 1 N N N China Petroleum & Chemical Corp. 529900A2OB24EZ5B3J19 SINOPEC CORP-H Y15010104 274029.00000000 NS 179085.21000000 0.742383190662 Long EC NUSS CN N 1 N N N Global Partners LP / GLP Finance Corp 549300PCHWTW9P4DU444 GLOBAL PARTNERS 37946R109 5148.00000000 NS USD 158558.40000000 0.657290967234 Long EC CORP US N 1 N N N Ally Financial Inc. 549300JBN1OSM8YNAI90 ALLY 6.7 02/14/33 02005NBS8 180000.00000000 PA USD 162184.02000000 0.672320680429 Long DBT CORP US N 2 2033-02-14 Fixed 6.70000000 N N N N N N Plains All American Pipeline L.P./PAA Finance Corp. 5521FA2ITF25TVH63740 PLAINS ALL AMER 726503105 13080.00000000 NS USD 168732.00000000 0.699464799616 Long EC CORP US N 1 N N N Alliance Resource Partners, L.P. 529900T4Q5UPWOUFG783 ALLIANCE RESOURC 01877R108 7953.00000000 NS USD 166138.17000000 0.688712288052 Long EC CORP US N 1 N N N Brazil (Federative Republic) 254900ZFY40OYEADAP90 BRAZIL 5 5/8 01/07/41 105756BR0 100000.00000000 PA USD 88753.61000000 0.367920880650 Long DBT NUSS BR N 2 2041-01-07 Fixed 5.62500000 N N N N N N Genesis Energy L.P. 549300VJ5D6MDK138782 GENESIS ENERGY 371927104 14374.00000000 NS USD 160413.84000000 0.664982543034 Long EC CORP US N 1 N N N Sunoco LP / Sunoco Finance Corp 54930001NJU8E40NQ561 SUNOCO LP 86765K109 3719.00000000 NS USD 168991.36000000 0.700539955427 Long EC CORP US N 1 N N N Buckeye Partners LP 549300C1PQJLVEIUBK50 BPL 3.95 12/01/26 118230AQ4 180000.00000000 PA USD 164061.00000000 0.680101548549 Long DBT CORP US N 2 2026-12-01 Fixed 3.95000000 N N N N N N Panama (Republic of) 549300SHS4T08CL0LP14 PANAMA 8 7/8 09/30/27 698299AD6 140000.00000000 PA USD 163409.21000000 0.677399606050 Long DBT NUSS PA N 2 2027-09-30 Fixed 8.87500000 N N N N N N Enagas SA 213800OU3FQKGM4M2U23 Enagas SA E41759106 8511.00000000 NS 170266.90000000 0.705827602883 Long EC CORP ES N 1 N N N Colombia (Republic of) 549300MHDRBVRF6B9117 COLOM 8 1/8 05/21/24 195325BD6 170000.00000000 PA USD 173623.91000000 0.719743815143 Long DBT NUSS CO N 2 2024-05-21 Fixed 8.12500000 N N N N N N 2023-05-26 Arrow ETF Trust Sam Singh Sam Singh Treasurer XXXX NPORT-EX 2 arrow-gyld_nport.htm ARROW DOW JONES GLOBAL YIELD ETF_NQ_4.30.2023

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ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2023
 
Shares             Fair Value
    COMMON STOCKS — 43.0%      
    BANKING - 1.4%      
467,163   China Minsheng Banking Corp Ltd., H Shares       $ 171,398
457,044   Chongqing Rural Commercial Bank Company Ltd., H Shares         176,419
             

347,817

    CHEMICALS - 1.3%      
29,252   Chemtrade Logistics Income Fund         165,842
152,348   Kingboard Laminates Holdings Ltd.         156,623
             

322,465

    ELECTRIC UTILITIES - 0.0%(d)      
114,622,657   Federal Grid Company Unified Energy System PJSC(a)(b)(c)         –
             
 
    GAS & WATER UTILITIES - 0.7%      
8,511   Enagas S.A.         170,267
             
 
    HEALTH CARE FACILITIES & SERVICES - 0.7%      
25,651   Chartwell Retirement Residences         167,769
             
 
    HEALTH CARE REIT - 4.1%      
18,193   Global Medical REIT, Inc.         168,831
4,695   LTC Properties, Inc.         157,048
20,128   Medical Properties Trust, Inc.         176,524
3,185   National Health Investors, Inc.         158,517
25,802   NorthWest Healthcare Properties Real Estate         155,234
5,971   Omega Healthcare Investors, Inc.         159,784
             

975,938

    INDUSTRIAL REIT - 0.6%      
2,148   Innovative Industrial Properties, Inc.         147,245
             
 
    INDUSTRIAL SUPPORT SERVICES - 0.7%      
83,771   United Tractors Tbk P.T.         165,074
             
 
    INSTITUTIONAL FINANCIAL SERVICES - 0.7%      
100,231   Coronation Fund Managers Ltd.         164,309
             
 
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
 
Shares             Fair Value
    COMMON STOCKS — 43.0% (Continued)      
    LEISURE PRODUCTS - 0.8%      
8,141   Camping World Holdings, Inc., CLASS A       $ 182,277
             
 
    MACHINERY - 0.7%      
937,787   Lonking Holdings Ltd.         166,060
             
 
    MEDICAL EQUIPMENT & DEVICES - 0.7%      
366,465   Riverstone Holdings Ltd.         166,156
             
 
    METALS & MINING - 5.5%      
845,733   Adaro Energy Tbk P.T.         180,496
12,364   African Rainbow Minerals Ltd.         155,239
627,198   Bukit Asam Tbk P.T.         177,049
170,392   China Hongqiao Group Ltd.         166,925
52,751   China Shenhua Energy Company Ltd., H Shares         174,723
15,622   Exxaro Resources Ltd.         163,799
11,410   Fortescue Metals Group Ltd.         158,093
6,524   Kumba Iron Ore Ltd.         158,236
             

1,334,560

    MULTI ASSET CLASS REIT - 4.5%      
26,526   American Finance Trust, Inc.         146,158
58,441   Charter Hall Long Wale REIT         168,212
2,858   Covivio         162,190
116,854   Fibra Uno Administracion S.A. de CV         161,244
12,871   Global Net Lease, Inc.         144,927
210,370   Growthpoint Properties Ltd.         146,384
10,826   Vornado Realty Trust         162,498
             

1,091,613

    OFFICE REIT - 4.8%      
35,840   Brandywine Realty Trust         140,851
24,698   City Office REIT, Inc.         143,742
7,095   Highwoods Properties, Inc.         162,617
25,259   Hudson Pacific Properties, Inc.         140,440
312   Mori Trust Reit, Inc.         163,968
13,437   Office Properties Income Trust         87,609
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
 
Shares             Fair Value
    COMMON STOCKS — 43.0% (Continued)      
    OFFICE REIT - 4.8% (Continued)      
22,942   Piedmont Office Realty Trust, Inc., Class A       $ 149,352
7,210   SL Green Realty Corporation         170,661
             

1,159,240

    OIL & GAS PRODUCERS - 4.8%      
15,704   Antero Midstream Corporation         168,975
274,029   China Petroleum & Chemical Corporation, H Shares         179,084
15,302   EnLink Midstream, LLC         150,113
1   Equitrans Midstream Corporation         5
5,558   Hess Midstream, L.P., Class A         163,072
10,956   Kimbell Royalty Partners, L.P.         175,734
5,182   Kinetik Holdings, Inc.         159,606
12,454   Plains GP Holdings, L.P., Class A         166,884
             

1,163,473

    REAL ESTATE OWNERS & DEVELOPERS - 1.7%      
137,014   Midea Real Estate Holding Ltd.         163,201
28,413   NEPI Rockcastle N.V.         171,679
417,346   Shimao Group Holdings Ltd. (a)(b)(c)         85,599
             

420,479

    RETAIL REIT - 2.8%      
65,426   Charter Hall Retail REIT         167,104
7,351   Klepierre S.A.         185,983
8,342   SmartCentres Real Estate Investment Trust         161,219
4,141   Spirit Realty Capital, Inc.         159,263
             

673,569

    SPECIALTY REIT - 0.8%      
4,338   EPR Properties         182,023
             
 
    STEEL - 0.0%(d)      
14,212   Severstal PAO(a)(b)(c)         –
             
 
    TELECOMMUNICATIONS - 0.7%      
35,608   Mobile TeleSystems Public Joint Stock Company - ADR(a)(b)(c)         –
322,962   PCCW Ltd.         168,275
             

168,275

 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
 
Shares             Fair Value
    COMMON STOCKS — 43.0% (Continued)      
    TOBACCO & CANNABIS - 0.9%      
3,077,943   Hanjaya Mandala Sampoerna Tbk P.T.       $ 213,017
             
 
    TRANSPORTATION & LOGISTICS - 4.1%      
95   AP Moller - Maersk A/S - Series A         169,221
36,615   Globaltrans Investment plc(a)(b)(c)         –
6,051   Mitsui OSK Lines Ltd.         149,231
6,653   Nippon Yusen KK         156,411
8,210   Orient Overseas International Ltd.         166,088
72,344   SITC International Holdings Company Ltd.         133,265
10,007   Star Bulk Carriers Corporation         211,248
             

985,464

               
    TOTAL COMMON STOCKS (Cost $11,989,687)    

  10,367,090

               
    MASTER LIMITED PARTNERSHIPS — 14.8%      
    GAS & WATER UTILITIES - 0.7%      
10,590   Suburban Propane Partners, L.P.         166,475
             
 
    METALS & MINING - 0.7%      
7,953   Alliance Resource Partners, L.P.         166,138
1   Natural Resource Partners, L.P.         52
             

166,190

    OIL & GAS PRODUCERS - 12.1%      
10,425   Black Stone Minerals, L.P.         172,430
3,413   Cheniere Energy Partners, L.P.         155,667
6,583   Crestwood Equity Partners, L.P.         162,534
7,618   CrossAmerica Partners, L.P.         162,873
3,867   DCP Midstream, L.P.         160,442
3,262   Delek Logistics Partners, L.P.         153,412
5,596   Dorchester Minerals, L.P.         167,488
13,220   Energy Transfer, L.P.         170,274
6,302   Enterprise Products Partners, L.P.         165,806
14,374   Genesis Energy, L.P.         160,414
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
 
Shares             Fair Value
    MASTER LIMITED PARTNERSHIPS — 14.8% (Continued)      
    OIL & GAS PRODUCERS - 12.1% (Continued)      
5,148   Global Partners, L.P.       $ 158,558
9,184   Holly Energy Partners, L.P.         153,005
2,997   Magellan Midstream Partners, L.P.         167,233
4,687   MPLX, L.P.         163,998
10,299   NuStar Energy, L.P.         165,608
13,080   Plains All American Pipeline, L.P.         168,732
3,719   Sunoco, L.P.         168,991
6,254   Western Midstream Partners, L.P.         165,543
             

2,943,008

    OIL & GAS SERVICES & EQUIPMENT - 0.7%      
7,706   USA Compression Partners, L.P.         161,055
             
 
    TRANSPORTATION & LOGISTICS - 0.6%      
30,146   KNOT Offshore Partners, L.P.         144,098
             
 
    TOTAL MASTER LIMITED PARTNERSHIPS (Cost $2,601,701)    

  3,580,826

               
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 20.7%      
    ASSET MANAGEMENT — 0.7%      
183,000   Icahn Enterprises, L.P. / Icahn Enterprises   5.2500 05/15/27   172,739
             
    AUTOMOTIVE — 0.7%      
175,000   Goodyear Tire & Rubber Company (The)   5.0000 05/31/26   170,232
             
    BIOTECH & PHARMA — 0.7%      
170,000   Elanco Animal Health, Inc.   4.9000 08/28/28   165,942
             
    COMMERCIAL SUPPORT SERVICES — 0.7%      
160,000   CoreCivic, Inc.   8.2500 04/15/26   161,816
             
    CONSUMER SERVICES — 0.7%      
190,000   Grand Canyon University   4.1250 10/01/24   181,051
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 20.7% (Continued)      
    ENTERTAINMENT CONTENT — 0.8%      
270,000   AMC Networks, Inc.   4.2500 02/15/29 $ 187,377
             
    FORESTRY, PAPER & WOOD PRODUCTS — 0.7%      
190,000   Mercer International, Inc.   5.1250 02/01/29   158,866
             
    GAS & WATER UTILITIES — 0.7%      
170,000   AmeriGas Partners, L.P. / AmeriGas Finance   5.5000 05/20/25   165,323
             
    OIL & GAS PRODUCERS — 4.7%      
180,000   Buckeye Partners, L.P.   3.9500 12/01/26   164,061
160,000   Ecopetrol S.A.   8.8750 01/13/33   155,233
160,000   Gulfport Energy Corporation   8.0000 05/17/26   160,565
165,000   NuStar Logistics, L.P.   6.0000 06/01/26   162,588
185,000   PBF Holding Company, LLC / PBF Finance Corporation   6.0000 02/15/28   170,417
180,000   PDC Energy, Inc.   5.7500 05/15/26   174,971
150,000   Range Resources Corporation   8.2500 01/15/29   156,713
              1,144,548
    OIL & GAS SERVICES & EQUIPMENT — 0.7%      
175,000   USA Compression Partners, L.P. / USA Compression   6.8750 09/01/27   170,578
             
    PUBLISHING & BROADCASTING — 0.7%      
190,000   iHeartCommunications, Inc.   6.3750 05/01/26   163,320
             
    REAL ESTATE INVESTMENT TRUSTS — 2.1%      
250,000   MPT Operating Partnership, L.P. / MPT Finance   3.5000 03/15/31   171,536
190,000   Office Properties Income Trust   4.5000 02/01/25   162,369
165,000   Service Properties Trust   7.5000 09/15/25   162,019
              495,924
    REAL ESTATE OWNERS & DEVELOPERS — 0.7%      
218,000   Kennedy-Wilson, Inc.   4.7500 03/01/29   174,183
             
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 20.7% (Continued)      
    RETAIL - DISCRETIONARY — 2.0%      
240,000   Kohl's Corporation   3.6250 05/01/31 $ 163,817
175,000   L Brands, Inc.   6.8750 11/01/35   158,598
230,000   Nordstrom, Inc.   4.3750 04/01/30   180,185
              502,600
    SPECIALTY FINANCE — 2.8%      
180,000   Ally Financial, Inc.   6.7000 02/14/33   162,184
190,000   Navient Corporation   5.5000 03/15/29   163,762
180,000   OneMain Finance Corporation   7.1250 03/15/26   175,620
170,000   Starwood Property Trust, Inc.   4.7500 03/15/25   160,898
              662,464
    TELECOMMUNICATIONS — 0.7%      
190,000   United States Cellular Corporation   6.7000 12/15/33   173,153
             
    TRANSPORTATION & LOGISTICS — 0.6%      
168,966   American Airlines 2015-1 Class A Pass Through   3.3750 05/01/27   146,896
             
  TOTAL CORPORATE BONDS (Cost $5,364,830)    

4,997,012

             
    NON U.S. GOVERNMENT & AGENCIES — 18.9%      
    SOVEREIGN — 18.9%      
125,000   Brazilian Government International Bond   4.2500 01/07/25   123,767
100,000   Brazilian Government International Bond   10.1250 05/15/27   117,722
350,000   Brazilian Government International Bond   3.8750 06/12/30   313,375
200,000   Brazilian Government International Bond   3.7500 09/12/31   173,250
100,000   Brazilian Government International Bond   5.6250 01/07/41   88,754
171,000   Chile Government International Bond   3.8600 06/21/47   142,375
170,000   Colombia Government International Bond   8.1250 05/21/24   173,624
174,000   Hungary Government International Bond   7.6250 03/29/41   198,481
220,000   Indonesia Government International Bond   3.0500 03/12/51   164,604
190,000   Mexico Government International Bond   4.1250 01/21/26   187,859
190,000   Mexico Government International Bond   7.5000 04/08/33   220,079
127,000   Mexico Government International Bond   4.7500 03/08/44   110,971
 
 

 

ARROW DOW JONES GLOBAL YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2023
 
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    NON U.S. GOVERNMENT & AGENCIES — 18.9% (Continued)      
    SOVEREIGN — 18.9% (Continued)      
175,000   Mexico Government International Bond   4.6000 02/10/48 $ 146,429
160,000   Panama Government International Bond   7.1250 01/29/26   170,023
140,000   Panama Government International Bond   8.8750 09/30/27   163,409
100,000   Peruvian Government International Bond   7.3500 07/21/25   105,594
205,000   Peruvian Government International Bond   2.8440 06/20/30   182,261
130,000   Peruvian Government International Bond   8.7500 11/21/33   166,607
180,000   Peruvian Government International Bond   5.6250 11/18/50   186,840
100,000   Republic of South Africa Government International   4.6650 01/17/24   99,089
140,000   Republic of South Africa Government International   4.8750 04/14/26   135,874
200,000   Republic of South Africa Government International   4.8500 09/30/29   179,968
237,000   Republic of South Africa Government International   6.2500 03/08/41   199,030
230,000   Republic of South Africa Government International   5.0000 10/12/46   157,290
200,000   Turkey Government International Bond   6.1250 10/24/28   179,632
385,000   Turkey Government International Bond   6.0000 01/14/41   290,580
240,000   Turkey Government International Bond   5.7500 05/11/47   171,043
  TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $5,012,674)       4,548,530
             
    TOTAL INVESTMENTS - 97.4% (Cost $24,968,892)     $ 23,493,458
    OTHER ASSETS IN EXCESS OF LIABILITIES - 2.6%    

629,557

    NET ASSETS - 100.0%        

$ 24,123,015

 

 

 

 

ADR  - American Depositary Receipt
A/S  - Anonim Sirketi
LLC  - Limited Liability Company
LP  - Limited Partnership
LTD  - Limited Company
NV  - Naamioze Vennootschap
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
(a) The value of this security has been determined in good faith under policies of the Board of Trustees.
(b) Non-income producing security.
(c) Illiquid security.  The total fair value of these securities as of April 30, 2023 was $85,599, representing 0.4% of net assets.
(d) Percentage rounds to less than 0.1%.