Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARCM	ARROW INVTS TR	409,003	$40.94M	37.3%	$99.97	—	RESV CAP ETF	042765719
IVW	ISHARES TR	56,773	$5.254M	4.8%	$70.48	—	S&P 500 GRWT ETF	464287309
QUAL	ISHARES TR	30,459	$5.201M	4.7%	$134.87	—	MSCI USA QLT FCT	46432F339
—	ARROW INVTS TR	168,966	$5.108M	4.7%	$29.12	—	DWA TACT INTL	042765685
XLK	SELECT SECTOR SPDR TR	22,302	$5.045M	4.6%	$173.86	—	TECHNOLOGY	81369Y803
RPV	INVESCO EXCHANGE TRADED FD T	56,498	$4.713M	4.3%	$75.90	—	S&P500 PUR VAL	46137V258
XLI	SELECT SECTOR SPDR TR	38,291	$4.667M	4.3%	$101.18	—	INDL	81369Y704
VOT	VANGUARD INDEX FDS	18,482	$4.243M	3.9%	$194.77	—	MCAP GR IDXVIP	922908538
MTUM	ISHARES TR	20,528	$4M	3.6%	$156.89	—	MSCI USA MMENTM	46432F396
SHY	ISHARES TR	44,109	$3.602M	3.3%	$81.43	—	1 3 YR TREAS BD	464287457
FEX	FIRST TR LRGE CP CORE ALPHA	36,765	$3.566M	3.3%	$96.99	—	COM SHS	33734K109
XLF	SELECT SECTOR SPDR TR	86,075	$3.539M	3.2%	$41.11	—	FINANCIAL	81369Y605
AMJB	JPMORGAN CHASE FINL CO LLC	65,566	$1.897M	1.7%	$28.94	—	CAL LKD 44	48133Q309
TIP	ISHARES TR	14,393	$1.537M	1.4%	$106.78	—	TIPS BD ETF	464287176
VUG	VANGUARD INDEX FDS	3,650	$1.365M	1.2%	$285.85	—	GROWTH ETF	922908736
EMB	ISHARES TR	14,695	$1.3M	1.2%	$86.39	—	JPMORGAN USD EMG	464288281
HYG	ISHARES TR	16,580	$1.279M	1.2%	$75.02	—	IBOXX HI YD ETF	464288513
RFG	INVESCO EXCHANGE TRADED FD T	20,883	$1.018M	0.9%	$50.66	—	S&P MDCP400 PR	46137V217
TUR	ISHARES INC	21,805	$916K	0.8%	$32.28	—	MSCI TURKEY ETF	464286715
EWT	ISHARES INC	15,684	$850K	0.8%	$54.19	—	MSCI TAIWAN ETF	46434G772
INDA	ISHARES TR	14,992	$836K	0.8%	$51.69	—	MSCI INDIA ETF	46429B598
EPOL	ISHARES TR	32,759	$804K	0.7%	$22.93	—	MSCI POLAND ETF	46429B606
EWN	ISHARES INC	15,436	$775K	0.7%	$47.10	—	MSCI NETHERL ETF	464286814
EWP	ISHARES INC	23,856	$745K	0.7%	$31.62	—	MSCI SPAIN ETF	464286764
EWI	ISHARES INC	20,153	$722K	0.7%	$37.72	—	MSCI ITALY ETF	46434G830
EWQ	ISHARES INC	18,439	$697K	0.6%	$40.66	—	MSCI FRANCE ETF	464286707
EWZ	ISHARES INC	23,589	$645K	0.6%	$31.92	—	MSCI BRAZIL ETF	464286400
EWW	ISHARES INC	11,116	$629K	0.6%	$69.31	—	MSCI MEXICO ETF	464286822
NWS	NEWS CORP NEW	12,430	$353K	0.3%	$26.09	+0.9%	CL B	65249B208
GRMN	GARMIN LTD	2,114	$344K	0.3%	$153.18	0.0%	SHS	H2906T109
PWR	QUANTA SVCS INC	1,272	$323K	0.3%	$220.68	+19.8%	COM	74762E102
FCX	FREEPORT-MCMORAN INC	6,367	$309K	0.3%	$49.32	0.0%	CL B	35671D857
PSLV	SPROTT PHYSICAL SILVER TR	28,549	$283K	0.3%	$9.93	—	TR UNIT	85207K107
SUN	SUNOCO LP/SUNOCO FIN CORP	4,998	$283K	0.3%	$56.54	—	COM UT REP LP	86765K109
GEL	GENESIS ENERGY L P	13,024	$186K	0.2%	$8.67	—	UNIT LTD PARTN	371927104
HR	HEALTHCARE RLTY TR	10,563	$174K	0.2%	$16.48	—	CL A COM	42226K105
KW	KENNEDY-WILSON HOLDINGS INC	17,677	$172K	0.2%	$9.35	0.0%	COM	489398107
PDM	PIEDMONT OFFICE REALTY TR IN	22,242	$161K	0.1%	$7.23	—	COM CL A	720190206
—	EASTERLY GOVT PPTYS INC	12,928	$160K	0.1%	$12.37	—	COM	27616P103
AM	ANTERO MIDSTREAM CORP	10,640	$157K	0.1%	$3.92	+231.5%	COM	03676B102
—	GLOBAL MED REIT INC	17,122	$155K	0.1%	$9.12	—	COM NEW	37954A204
—	ENLINK MIDSTREAM LLC	11,168	$154K	0.1%	$2.99	—	COM UNIT REP LTD	29336T100
GNL	GLOBAL NET LEASE INC	19,299	$142K	0.1%	$11.84	—	COM NEW	379378201
BDN	BRANDYWINE RLTY TR	29,591	$133K	0.1%	$7.92	—	SH BEN INT NEW	105368203
MPT	MEDICAL PPTYS TRUST INC	29,962	$129K	0.1%	$7.68	—	COM	58463J304
SVC	SERVICE PPTYS TR	20,769	$107K	0.1%	$5.14	—	COM SH BEN INT	81761L102
ONL	ORION OFFICE REIT INC	15,850	$56,902	0.1%	$3.59	—	COM	68629Y103