Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	409,003	$40.88M	35.3%	$99.97	—	RESV CAP ETF	042765719
—	ARROW INVTS TR	213,966	$6.226M	5.4%	$29.12	—	DWA TACT INTL	042765685
RPV	INVESCO EXCHANGE TRADED FD T	66,179	$5.432M	4.7%	$75.90	—	S&P500 PUR VAL	46137V258
QUAL	ISHARES TR	36,670	$5.396M	4.7%	$134.87	—	MSCI USA QLT FCT	46432F339
XLI	SELECT SECTOR SPDR TR	46,109	$5.256M	4.5%	$101.18	—	INDL	81369Y704
XLK	SELECT SECTOR SPDR TR	26,837	$5.166M	4.5%	$173.86	—	TECHNOLOGY	81369Y803
IVW	ISHARES TR	68,350	$5.133M	4.4%	$70.48	—	S&P 500 GRWT ETF	464287309
XLY	SELECT SECTOR SPDR TR	27,993	$5.005M	4.3%	$160.98	—	SBI CONS DISCR	81369Y407
VOT	VANGUARD INDEX FDS	21,091	$4.631M	4.0%	$194.77	—	MCAP GR IDXVIP	922908538
EWJ	ISHARES INC	69,374	$4.45M	3.8%	$64.14	—	MSCI JPN ETF NEW	46434G822
MTUM	ISHARES TR	24,686	$3.873M	3.3%	$156.89	—	MSCI USA MMENTM	46432F396
TLT	ISHARES TR	36,921	$3.651M	3.2%	$98.88	—	20 YR TR BD ETF	464287432
ILF	ISHARES TR	124,855	$3.628M	3.1%	$29.06	—	LATN AMER 40 ETF	464287390
—	JPMORGAN CHASE & CO	73,178	$1.856M	1.6%	$18.98	—	ALERIAN ML ETN	46625H365
EMB	ISHARES TR	15,926	$1.418M	1.2%	$86.39	—	JPMORGAN USD EMG	464288281
HYG	ISHARES TR	18,113	$1.402M	1.2%	$75.02	—	IBOXX HI YD ETF	464288513
LQD	ISHARES TR	12,020	$1.33M	1.1%	$105.43	—	IBOXX INV CP ETF	464287242
VUG	VANGUARD INDEX FDS	4,238	$1.318M	1.1%	$282.96	—	GROWTH ETF	922908736
—	ARROW INVTS TR	57,756	$1.303M	1.1%	$20.97	—	RVRSE CAP500 ETF	042765677
SHY	ISHARES TR	15,730	$1.29M	1.1%	$80.97	—	1 3 YR TREAS BD	464287457
TUR	ISHARES INC	21,941	$708K	0.6%	$32.28	—	MSCI TURKEY ETF	464286715
EPOL	ISHARES TR	23,683	$536K	0.5%	$22.65	—	MSCI POLAND ETF	46429B606
CDW	CDW CORP	1,643	$373K	0.3%	$206.08	0.0%	COM	12514G108
EWN	ISHARES INC	8,241	$368K	0.3%	$44.63	—	MSCI NETHERL ETF	464286814
TAP	MOLSON COORS BEVERAGE CO	5,867	$359K	0.3%	$56.78	-1.5%	CL B	60871R209
ET	ENERGY TRANSFER L P	24,767	$342K	0.3%	$10.30	—	COM UT LTD PTN	29273V100
EG	EVEREST GROUP LTD	897	$317K	0.3%	$295.65	+26.6%	COM	G3223R108
EWP	ISHARES INC	8,574	$263K	0.2%	$30.62	—	MSCI SPAIN ETF	464286764
OPITQ	OFFICE PPTYS INCOME TR	34,567	$253K	0.2%	$9.64	—	COM SHS BEN INT	67623C109
EWQ	ISHARES INC	6,372	$250K	0.2%	$39.18	—	MSCI FRANCE ETF	464286707
UHS	UNIVERSAL HLTH SVCS INC	1,591	$243K	0.2%	$133.35	0.0%	CL B	913903100
—	CITY OFFICE REIT INC	37,514	$229K	0.2%	$5.78	—	COM	178587101
EWS	ISHARES INC	12,231	$229K	0.2%	$18.70	—	MSCI SINGPOR ETF	46434G780
SPH	SUBURBAN PROPANE PARTNERS L	11,791	$209K	0.2%	$26.83	—	UNIT LTD PARTN	864482104
GLP	GLOBAL PARTNERS LP	4,910	$208K	0.2%	$42.31	—	COM UNITS	37946R109
SUN	SUNOCO LP/SUNOCO FIN CORP	3,460	$207K	0.2%	$59.93	—	COM UT REP LP	86765K109
—	HUDSON PAC PPTYS INC	21,765	$203K	0.2%	$4.22	—	COM	444097109
GEL	GENESIS ENERGY L P	17,276	$200K	0.2%	$8.67	—	UNIT LTD PARTN	371927104
PDM	PIEDMONT OFFICE REALTY TR IN	27,672	$197K	0.2%	$7.23	—	COM CL A	720190206
—	GLOBAL MED REIT INC	16,374	$182K	0.2%	$9.13	—	COM NEW	37954A204
BDN	BRANDYWINE RLTY TR	33,287	$180K	0.2%	$7.92	—	SH BEN INT NEW	105368203
AM	ANTERO MIDSTREAM CORP	14,140	$177K	0.2%	$3.92	+181.2%	COM	03676B102
—	ENLINK MIDSTREAM LLC	13,845	$168K	0.1%	$2.99	—	COM UNIT REP LTD	29336T100
PAA	PLAINS ALL AMERN PIPELINE L	11,046	$167K	0.1%	$11.38	—	UNIT LTD PARTN	726503105
PAGP	PLAINS GP HLDGS L P	10,424	$166K	0.1%	$11.99	—	LTD PARTNR INT A	72651A207
GNL	GLOBAL NET LEASE INC	16,204	$161K	0.1%	$12.70	—	COM NEW	379378201
MPT	MEDICAL PPTYS TRUST INC	29,962	$147K	0.1%	$7.68	—	COM	58463J304
KNOP	KNOT OFFSHORE PARTNERS LP	25,517	$147K	0.1%	$9.75	-42.3%	COM UNITS	Y48125101